Financials

v3.6.0.2
BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 31,258,637 $ 29,872,564
Accounts receivable 149,500 0
Prepaid expenses and other current assets 1,374,585 722,249
Prepaid rent, current 80,784 80,784
Total current assets 32,863,506 30,675,597
Property and equipment, net 2,209,475 1,730,365
Prepaid rent, non-current 137,452 218,236
Other assets 48,507 51,330
Total assets 35,258,940 32,675,528
Current liabilities:    
Accounts payable 4,707,763 2,324,973
Accrued expenses 1,867,995 1,075,879
Deferred revenue 131,959 0
Total current liabilities 6,707,717 3,400,852
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2016 and December 31, 2015; no shares issued or outstanding 0 0
Common Stock, $0.00001 par value, 50,000,000 shares authorized at December 31, 2016 and December 31, 2015; 20,367,929 and 16,298,208 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively. 202 161
Additional paid-in capital 153,075,595 107,981,695
Accumulated deficit (124,524,574) (78,707,180)
Total stockholders’ equity 28,551,223 29,274,676
Total liabilities and stockholders’ equity $ 35,258,940 $ 32,675,528

Source

v3.6.0.2
STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenue:      
Revenue $ 1,451,941 $ 2,500,000 $ 0
Operating expenses:      
Research and development 32,832,677 18,825,041 12,511,647
Sales and marketing 3,201,549 3,221,303 2,803,359
General and administrative 11,248,435 8,030,995 5,059,703
Total operating expenses 47,282,661 30,077,339 20,374,709
Loss from operations (45,830,720) (27,577,339) (20,374,709)
Other income (expense):      
Change in fair value of derivative liabilities 0 0 (26,265,177)
Interest income (expense), net 13,326 15,637 (1,024,774)
Loss on retirement of fixed assets 0 0 (22,818)
Gain on debt extinguishment 0 0 2,084,368
Total 13,326 15,637 (25,228,401)
Net loss $ (45,817,394) $ (27,561,702) $ (45,603,110)
Basic and diluted loss per common share $ (2.60) $ (2.07) $ (5.75)
Weighted average shares outstanding, basic and diluted 17,649,013 13,303,715 7,933,791

Source

v3.6.0.2
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net loss $ (45,817,394) $ (27,561,702) $ (45,603,110)
Adjustments to reconcile net loss to Net cash used in operating activities:      
Depreciation and amortization 957,836 817,729 371,189
Stock based compensation 9,508,175 5,951,414 2,547,978
Amortization of debt discount 0 0 964,851
Gain on conversion of notes payable and accrued interest 0 0 (2,084,368)
Change in fair market value of derivative liabilities 0 0 26,265,177
Loss on retirement of fixed assets 0 0 22,818
Amortization of prepaid rent from stock issuance to landlord 80,784 80,784 20,196
Changes in operating assets and liabilities:      
Accounts receivable (149,500) 0 0
Prepaid expenses and other current assets (652,336) (157,769) (289,383)
Other assets 2,823 (28,682) (15,689)
Accounts payable 2,382,790 608,962 1,354,973
Accrued expenses 492,616 283,530 838,945
Deferred revenue 131,959 0 0
Net cash used in operating activities (33,062,247) (20,005,734) (15,606,423)
Cash flows used in investing activities:      
Purchases of property and equipment (1,137,446) (1,032,795) (1,619,694)
Net cash used in investing activities (1,137,446) (1,032,795) (1,619,694)
Cash flows from financing activities:      
Proceeds from IPO, net of underwriter's discount and offering expenses 0 0 24,872,170
Proceeds from the sale of stock to a strategic investor, net 0 0 900,000
Sale of Warrant to IPO underwriter 0 0 1,000
Proceeds from secondary offering, net of underwriter's discount and offering expenses 0 0 20,993,759
Proceeds from shares issued under shelf registration, net of underwriter's discount and offering expenses 0 19,048,456 0
Net proceeds from issuance of shares to private investors 34,788,311 0 0
Proceeds from the exercise of stock options 382,351 65,647 0
Proceeds from contributions to employee stock purchase plan 727,784 289,787 0
Proceeds from the disgorgement of short-swing profit 0 12,611 0
Net cash provided by financing activities 35,585,766 19,416,501 46,766,929
Net increase (decrease) in cash and cash equivalents 1,386,073 (1,622,028) 29,540,812
Cash and cash equivalents - beginning 29,872,564 31,494,592 1,953,780
Cash and cash equivalents - ending 31,258,637 29,872,564 31,494,592
Supplemental disclosure of non-cash financing activities:      
Decrease in deferred offering costs charge to the IPO 0 0 88,319
Common stock issued upon conversion of notes payable and accrued interest payable 0 0 26,790,177
Increase in additional paid in capital upon extinguishment of derivative liability for warrants 0 0 5,752,000
Common stock issued to landlord for tenant improvement of $100,000 and prepaid rent of $400,000 0 0 500,000
Common stock issued for services 0 147,900 900,000
Cashless exercise of warrants 5 1 0
Increase in accrued expenses for the purchase of property and equipment 299,500 1 0
Restricted Stock Units (RSUs) [Member]      
Cash flows from financing activities:      
Shares repurchased for tax withholdings on vesting of RSUs (266,217) 0 0
Supplemental disclosure of non-cash financing activities:      
Common stock issued for RSUs 6 3 0
Performance Shares [Member]      
Cash flows from financing activities:      
Shares repurchased for tax withholdings on vesting of RSUs (46,463) 0 0
Supplemental disclosure of non-cash financing activities:      
Common stock issued for RSUs $ 2 $ 0 $ 0

Source