Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net loss $ (8,664,174) $ (6,150,464)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 13,416 11,038
Stock-based compensation expense 1,151,420 292,213
Non-cash interest expense 97,150 91,809
Change in fair value of warrant liability, unit purchase option liability and investor rights obligation (43,651) 337,739
Changes in assets and liabilities:    
Grants receivable (650,488)  
Prepaid expenses and other assets 90,770 255,950
Accounts payable 61,193 (3,478)
Accrued expenses and other liabilities 518,138 364,958
Net cash used in operating activities (7,426,226) (4,800,235)
Investing activities    
Purchase of property and equipment (19,157)  
Net cash used in investing activities (19,157)  
Financing activities    
Principal payments on term debt (1,623,019) (252,934)
Payment of offering costs of initial public offering (214,020) (546,316)
Net cash used in financing activities (1,837,039) (799,250)
Decrease in cash and cash equivalents (9,282,422) (5,599,485)
Cash and cash equivalents at beginning of period 21,161,967 11,742,349
Cash and cash equivalents at end of period 11,879,545 6,142,864
Supplemental disclosures of cash flow information    
Cash paid for interest 208,537 298,106
Supplemental disclosures of noncash financing activities    
Accrued deferred financing costs $ 17,162 $ 585,383