Financials

v3.7.0.1
BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 21,446,888 $ 31,258,637
Accounts receivable 252,000 149,500
Prepaid expenses and other current assets 647,370 1,374,585
Prepaid rent, current 80,784 80,784
Total current assets 22,427,042 32,863,506
Property and equipment, net 1,959,154 2,209,475
Prepaid rent, non-current 117,256 137,452
Other assets 48,507 48,507
Total assets 24,551,959 35,258,940
Current liabilities:    
Accounts payable 2,953,642 4,707,763
Accrued expenses 1,652,813 1,867,995
Deferred revenue 56,366 131,959
Total current liabilities 4,662,821 6,707,717
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at March 31, 2017 and December 31, 2016; no shares issued or outstanding 0 0
Common Stock, $0.00001 par value, 50,000,000 shares authorized at March 31, 2017 and December 31, 2016; 20,583,700 and 20,367,929 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively. 204 202
Additional paid-in capital 156,886,648 153,075,595
Accumulated deficit (136,997,714) (124,524,574)
Total stockholders’ equity 19,889,138 28,551,223
Total liabilities and stockholders’ equity $ 24,551,959 $ 35,258,940

Source

v3.7.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue $ 575,368 $ 136,364
Operating expenses:    
Research and development 8,353,184 7,674,093
Sales and marketing 1,595,452 807,067
General and administrative 3,102,751 2,455,612
Total operating expenses 13,051,387 10,936,772
Loss from operations (12,476,019) (10,800,408)
Other income (expense):    
Loss on sales of property and equipment, net (726) 0
Interest income 3,605 3,866
Total 2,879 3,866
Net loss $ (12,473,140) $ (10,796,542)
Basic and diluted loss per common share $ (0.61) $ (0.66)
Weighted average shares outstanding, basic and diluted 20,484,987 16,382,691

Source

v3.7.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (12,473,140) $ (10,796,542)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 326,563 192,104
Stock based compensation 3,538,191 1,953,534
Amortization of prepaid rent from stock issuance to landlord 20,196 20,196
Loss on sales of property and equipment, net 726 0
Changes in operating assets and liabilities:    
Accounts receivable (102,500) 0
Prepaid expenses and other current assets 727,215 55,172
Accounts payable (1,754,121) 2,111,999
Accrued expenses (215,182) (225,694)
Deferred revenue (75,593) 363,636
Net cash used in operating activities (10,007,645) (6,325,595)
Cash flows from investing activities:    
Purchases of property and equipment (79,768) (120,370)
Proceeds from sales of property and equipment 2,800 0
Net cash used in investing activities (76,968) (120,370)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 26,905 110,283
Proceeds from contributions to employee stock purchase plan 245,959 173,784
Net cash provided by financing activities 272,864 284,067
Net decrease in cash and cash equivalents (9,811,749) (6,161,898)
Cash and cash equivalents - beginning 31,258,637 29,872,564
Cash and cash equivalents - ending 21,446,888 23,710,666
Restricted Stock Units (RSUs) [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued for RSUs $ 2 $ 1

Source