Annual report pursuant to Section 13 and 15(d)

Statement Of Cash Flows

v3.3.1.900
Statement Of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities:      
Net Loss $ (14,384,556) $ (18,521,601) $ (9,499,424)
Adjustments to reconcile net loss to net cash used in operating activities:      
Compensatory stock 102,000 409,000 306,800
Depreciation and amortization 27,498 28,325 37,133
Amortization of premiums and discounts on marketable securities, net 30,875 10,228  
Stock-based compensation 1,037,679 608,795 565,428
Amortization of deferred research and development arrangements (75,000) (233,630) (792,370)
Unrealized (gain) loss on fair value of warrants (3,986,727) 5,180,107 1,365,654
Financing expense 211,116 206,172 204,212
Amortization of deferred lease incentive (12,443) (12,443) (16,222)
Deferred lease expenses (8,492) 7,834 25,709
Changes in assets and liabilities:      
Prepaid expenses and other assets (495,935) (249,503) (263,697)
Accounts payable and accrued expenses 202,035 1,525,505 81,921
Net Cash Used in Operating Activities (17,351,950) (11,041,211) (7,984,856)
Cash Flows from Investing Activities:      
Restricted cash equivalents   196,130 895,671
Purchase of equipment (62,302) (41,249) (50,149)
Purchase of marketable securities (7,908,304) (26,075,926)  
Redemption of marketable securities 17,525,000 3,260,000  
Net Cash Provided by (Used In) Investing Activities 9,554,394 (22,661,045) 845,522
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs 7,439,809 18,634,247 10,041,155
Proceeds from exercise of stock options 708,617 258,955 90,000
Proceeds from exercise of stock warrants 22,325 5,947,268 2,209,667
Net Cash Provided by Financing Activities 8,170,751 24,840,470 12,340,822
Net Increase (Decrease) in Cash and Cash Equivalents 373,195 (8,861,786) 5,201,488
Cash and Cash Equivalents - beginning of period 9,826,245 18,688,031 13,486,543
Cash and Cash Equivalents - end of period 10,199,440 9,826,245 18,688,031
Non-cash financing and investing activties:      
Warrants issued 2,966,917 3,691,429 2,564,002
Warrant liability extinguishment from exercise of warrants 9,378 10,137,243 1,737,663
Shares withheld for net stock option exercise   $ 100,000  
Leasehold improvement incentive     $ 54,660
Retirement of treausry stock $ 128,410