v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (19,515,151) $ (17,969,930)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 469,576 469,821
Stock-based compensation 1,250,074 1,711,047
Warrant liability 0 (67,860)
Amortization of debt discount 676,943 353,635
Amortization of deferred financing costs 0 39,717
Payment-in-kind interest 0 124,536
Amortization of license and other revenue (142,834) (127,350)
Loss on extinguishment of debt 0 719,097
Changes in operating assets and liabilities:    
Accounts receivable (93,559) (540,507)
Inventories (1,574,373) (1,737,010)
Prepaid expenses (202,887) 32,559
Accounts payable 476,826 202,994
Accrued expenses 416,972 (199,615)
Deferred revenue 0 1,525,000
Deferred rent liability (30,560) 45,462
Net cash used in operating activities (18,268,973) (15,418,404)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of short-term investments (15,680,000) (18,130,000)
Redemptions of short-term investments 16,657,993 16,414,498
Purchase of property and equipment (73,410) (26,073)
Net cash provided by (used in) investing activities 904,583 (1,741,575)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Oxford note payable 4,000,000 16,000,000
Proceeds from issuance of common stock 14,145,000 10,257,380
Proceeds from stock options exercised 0 49,227
Repayment of Hercules note payable 0 (15,300,781)
Prepayment penalty of early extinguishment of note payable 0 (229,512)
Payment of debt issuance costs (47,104) (228,065)
Payment of Hercules end of term fee 0 (132,500)
Equity issuance costs (1,244,459) 0
Payments of leasehold improvement loan (15,139) (13,841)
Net cash provided by financing activities 16,838,298 10,401,908
NET DECREASE IN CASH AND CASH EQUIVALENTS (526,092) (6,758,071)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 10,440,959 17,199,030
CASH AND CASH EQUIVALENTS - END OF YEAR 9,914,867 10,440,959
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 1,530,235 1,326,788
Supplemental Disclosure of Noncash Financing Activities:    
Reclassification of equity issuance costs to additional paid-in capital 0 12,000
Warrants issued in connection with note payable 86,300 367,700
End of term liability in connection with note payable 358,000 1,432,000
Elimination of warrant liability $ 0 $ 408,900

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