Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

v2.4.0.8
Statement of Cash Flows (USD $)
 6 Months Ended 147 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Cash Flows from Operating Activities:      
Net loss $ (4,638,855) $ (3,182,196) $ (67,950,138)
Adjustments to reconcile net loss to net cash used in operating activities:      
Beneficial conversion feature     1,625,000
Compensatory stock 137,200   2,267,077
Depreciation and amortization 18,551 21,442 701,474
Stock-based compensation 426,322 141,926 6,234,938
Amortization of deferred research and development arrangement (382,121) (37,500) (1,182,121)
Note receivable (Note 5)   14,011  
Realized losses on marketable securities     13,301
Unrealized loss/(gain) on fair value of warrants 837,754 (540,387) (3,502,227)
Unrealized gain on fair value of put feature on common stock     (2,315,539)
Financing expense     972,131
Amortization of deferred lease incentive (10,000) (10,000) (80,000)
Deferred lease expenses (10,466) (8,505) 24,951
Loss on impairment of intangible assets     286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets (201,863) (734) (390,671)
Accounts payable and accrued expenses (231,770) (294,438) 620,067
Net Cash Used in Operating Activities (4,055,248) (3,896,381) (62,675,625)
Cash Flows from Investing Activities:      
Restricted cash equivalents 522,922 667,874 (568,879)
Purchase of equipment (1,609)   (566,604)
Purchase of marketable securities     (21,123,960)
Proceeds from sales of marketable securities   1,850,000 21,010,659
Payment of licensing fees     (356,216)
Net Cash Provided By (Used in) Investing Activities 521,313 2,517,874 (1,605,000)
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs     62,934,224
Proceeds from exercise of stock options     170,082
Proceeds from exercise of stock warrants 26,739   3,608,076
Proceeds from long-term debt     5,150,000
Proceeds from research and development arrangement     2,426,000
Purchase of treasury stock     (28,410)
Net Cash Provided by Financing Activities 26,739   74,259,972
Net (Decrease) Increase in Cash and Cash Equivalents (3,507,196) (1,378,507) 9,979,347
Cash and Cash Equivalents - beginning of period 13,486,543 9,861,488  
Cash and Cash Equivalents - end of period 9,979,347 8,482,981 9,979,347
Supplemental Cash Flow Information      
Interest paid     301,147
Non-cash financing and investing activties:      
Warrants issued     13,691,643
Put feature on common stock issued     4,954,738
Dilutive issuances of common stock     2,639,199
Warrant liability extinguishment from exercise of warrants 16,820   6,197,480
Leasehold improvement incentive     100,000
Settlement of lawsuit     $ 43,953