Quarterly report pursuant to Section 13 or 15(d)

Condensed Statement Of Cash Flows

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Condensed Statement Of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flows from Operating Activities:    
Net (Loss) Income $ (7,505,871) $ (14,406,035)
Adjustments to reconcile net loss to net cash used in operating activities:    
Compensatory stock 56,250 336,000
Depreciation and amortization 12,643 18,674
Amortization of premiums and discounts on marketable securities, net 13,900  
Stock-based compensation 544,352 260,868
Amortization of deferred research and development arrangements (37,500) (155,474)
Unrealized (gain) loss on fair value of warrants (1,674,175) 7,995,159
Financing expense   206,172
Amortization of deferred lease incentive (6,221) (6,221)
Deferred lease expenses (3,290) 11,123
Changes in assets and liabilities:    
Prepaid expenses and other assets (551,351) (394,132)
Accounts payable and accrued expenses 709,545 606,093
Net Cash Used in Operating Activities (8,441,718) (5,527,773)
Cash Flows from Investing Activities:    
Restricted cash equivalents   117,974
Purchase of equipment (12,388) (14,214)
Purchase of marketable securities (740,825)  
Redemption of marketable securities 7,625,000  
Net Cash Provided by Investing Activities 6,871,787 103,760
Cash Flows from Financing Activities:    
Issuance of common stock and units, net of issuance costs 1,005,715 18,634,247
Proceeds from exercise of stock options 708,617 258,955
Proceeds from exercise of stock warrants   5,947,268
Net Cash Provided by Financing Activities 1,714,332 24,840,470
Net Increase in Cash and Cash Equivalents 144,401 19,416,457
Cash and Cash Equivalents - beginning of period 9,826,245 18,688,031
Cash and Cash Equivalents - end of period $ 9,970,646 38,104,488
Non-cash financing and investing activties:    
Warrants issued   3,691,429
Warrant liability extinguishment from exercise of warrants   10,137,243
Shares withheld for net stock option exercise   $ 100,000