Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.3.1.900
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities      
Net loss $ (10,490,103) $ (16,055,591) $ (13,045,008)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 23,508 28,943 20,032
Loss on disposition of assets   17,806  
Stock-based compensation expense 394,748 1,086,581 748,648
Write-off of deferred public offering costs   1,064,106  
Non-cash interest expense 293,748 989,258  
Non-cash expense related to issuance of warrants     25,811
Change in fair value of warrant liability and Investor Rights Obligation (1,313,049) (2,266,161) 121,115
Changes in assets and liabilities:      
Prepaid expenses and other assets (41,243) 353,973 (271,004)
Restricted cash 116,666 (498) (175,000)
Accounts payable (268,709) (708,366) 818,391
Accrued expenses and other liabilities 1,121,054 (28,400) 271,875
Net cash used in operating activities (10,163,380) (15,518,349) (11,485,140)
Investing activities      
Purchase of property and equipment (19,984) (19,502) (29,268)
Net cash used in investing activities (19,984) (19,502) (29,268)
Financing activities      
Proceeds from issuance of convertible promissory notes and demand notes   2,249,666  
Proceeds from issuance of term loan, net of costs   7,390,000  
Proceeds from issuance of convertible preferred stock and common stock warrants, net of offering costs   14,584,307 6,115,080
Principal payments on term debt (1,811,744)    
Payment of fractional shares upon conversion of preferred stock to common stock (1,373)    
Proceeds from initial public offering 23,685,270    
Payment of offering costs of initial public offering (2,269,171) (365,253) (698,853)
Net cash provided by financing activities 19,602,982 23,858,720 5,416,227
Increase (decrease) in cash and cash equivalents 9,419,618 8,320,869 (6,098,181)
Cash and cash equivalents at beginning of period 11,742,349 3,421,480 9,519,661
Cash and cash equivalents at end of period 21,161,967 11,742,349 $ 3,421,480
Supplemental disclosures of cash flow information      
Cash paid for interest $ 568,299 173,514  
Supplemental disclosures of noncash financing activities      
Conversion of promissory and demand notes into preferred stock   2,249,666  
Reclassification of Common Stock warrants from liabilities to equity   426,303  
Allocation of debt and equity proceeds to Investor Rights Obligation   2,598,510  
Extinguishment upon modification of Series A and A-1 Convertible Preferred Stock   $ 12,534,438