Annual report pursuant to Section 13 and 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 21,161,967 $ 11,742,349
Prepaid expenses and other current assets 401,550 360,307
Restricted cash, current portion 58,832 58,333
Total current assets 21,622,349 12,160,989
Restricted cash, net of current portion   117,165
Property and equipment, net 35,216 38,740
Total assets 21,657,565 12,316,894
Current liabilities:    
Current portion of long term debt, net of discount 3,208,074 1,905,879
Accounts payable 678,109 931,139
Accrued expenses and other current liabilities 1,885,458 975,114
Warrant liability 27,606 69,684
Unit purchase option liability 50,571  
Investor rights obligation   1,112,000
Total current liabilities 5,849,818 4,993,816
Long term debt, net of current portion and discount 2,353,482 5,308,211
Other long term liability 370,538  
Total liabilities 8,573,838 10,302,027
Convertible preferred stock:    
Total convertible preferred stock   28,345,531
Stockholders equity (deficit):    
Common Stock, $0.001 par value; 200,000,000 and 230,000,000 shares authorized at December 31, 2015 and 2014, respectively, 8,650,143 and 649,721 shares issued and outstanding at December 31, 2015 and 2014, respectively 8,650 650
Additional paid in capital 66,638,557 16,742,063
Accumulated deficit (53,563,480) (43,073,377)
Total stockholders' deficit 13,083,727 (26,330,664)
Total liabilities, convertible preferred stock and stockholders' equity (deficit) $ 21,657,565 12,316,894
Series A Convertible preferred stock    
Convertible preferred stock:    
Total convertible preferred stock   10,462,885
Series A-1 Convertible preferred stock    
Convertible preferred stock:    
Total convertible preferred stock   3,389,331
Series B convertible preferred stock    
Convertible preferred stock:    
Total convertible preferred stock   $ 14,493,315