Quarterly report pursuant to Section 13 or 15(d)

Condensed Statement Of Cash Flows

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Condensed Statement Of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows from Operating Activities:    
Net Loss $ (11,532,401) $ (16,311,483)
Adjustments to reconcile net loss to net cash used in operating activities:    
Compensatory stock 102,000 409,000
Depreciation and amortization 19,942 22,418
Amortization of premiums and discounts on marketable securities, net 21,623  
Stock-based compensation 769,668 424,059
Amortization of deferred research and development arrangements (56,250) (214,880)
Unrealized (gain) loss on fair value of warrants (2,282,476) 6,793,765
Financing expense   206,172
Amortization of deferred lease incentive (9,332) (9,332)
Deferred lease expenses (5,891) 9,478
Changes in assets and liabilities:    
Prepaid expenses and other assets (749,874) (250,338)
Accounts payable and accrued expenses 778,800 791,750
Net Cash Used in Operating Activities (12,944,191) (8,129,391)
Cash Flows from Investing Activities:    
Restricted cash equivalents   158,630
Purchase of equipment (52,499) (30,154)
Purchase of marketable securities (740,825) (20,555,926)
Redemption of marketable securities 14,625,000  
Net Cash Provided by (Used In) Investing Activities 13,831,676 (20,427,450)
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 22,325 5,947,268
Net Cash Provided by Financing Activities 1,736,657 24,840,470
Net Increase (Decrease) in Cash and Cash Equivalents 2,624,142 (3,716,371)
Cash and Cash Equivalents - beginning of period 9,826,245 18,688,031
Cash and Cash Equivalents - end of period 12,450,387 14,971,660
Non-cash financing and investing activties:    
Warrants issued   3,691,429
Warrant liability extinguishment from exercise of warrants $ 9,378 10,137,243
Shares withheld for net stock option exercise   $ 100,000