Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

v2.4.0.8
Statement of Cash Flows (USD $)
 3 Months Ended 156 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Cash Flows from Operating Activities:      
Net loss $ (14,600,499) $ (1,530,105) $ (87,411,206)
Adjustments to reconcile net loss to net cash used in operating activities:      
Beneficial conversion feature     1,625,000
Compensatory stock 336,000   2,772,677
Depreciation and amortization 9,044 9,316 729,100
Stock-based compensation 128,350 371,951 6,502,394
Amortization of deferred research and development arrangement (51,350) (153,371) (1,643,720)
Realized losses on marketable securities     13,301
Unrealized loss/(gain) on fair value of warrants 11,660,524 (368,902) 8,686,197
Unrealized gain on fair value of put feature on common stock     (2,315,539)
Financing expense 206,172   1,382,515
Amortization of deferred lease incentive (3,111) (5,000) (89,333)
Deferred lease expenses 11,825 (5,233) 72,951
Loss on impairment of intangible assets     286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets (218,304) 5,488 (670,809)
Accounts payable and accrued expenses (55,258) 124,329 878,500
Net Cash Used in Operating Activities (2,576,607) (1,551,527) (69,181,840)
Cash Flows from Investing Activities:      
Restricted cash equivalents 32,600 134,621 (163,530)
Purchase of equipment (3,771) (609) (618,915)
Purchase of marketable securities     (21,123,960)
Proceeds from sales of marketable securities     21,010,659
Payment of licensing fees     (356,216)
Net Cash Provided By (Used in) Investing Activities 28,829 134,012 (1,251,962)
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs 18,634,247   91,609,626
Proceeds from exercise of stock options 70,000   330,082
Proceeds from exercise of stock warrants 5,228,518   11,019,522
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 23,932,765   110,506,820
Net Increase in Cash and Cash Equivalents 21,384,987 (1,417,515) 40,073,018
Cash and Cash Equivalents - beginning of period 18,688,031 13,486,543  
Cash and Cash Equivalents - end of period 40,073,018 12,069,028 40,073,018
Supplemental Cash Flow Information      
Interest paid     301,147
Non-cash financing and investing activties:      
Warrants issued 3,691,429   19,947,074
Put feature on common stock issued     4,954,738
Dilutive issuances of common stock     2,639,199
Warrant liability extinguishment from exercise of warrants 9,095,445   17,013,768
Leasehold improvement incentive     154,660
Settlement of lawsuit     $ 43,953