Financials

v3.7.0.1
CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 13,084,360 $ 31,258,637
Accounts receivable 250,500 149,500
Prepaid expenses and other current assets 819,300 1,374,585
Prepaid rent, current 80,784 80,784
Total current assets 14,234,944 32,863,506
Property and equipment, net 1,944,157 2,209,475
Prepaid rent, non-current 97,060 137,452
Other assets 38,888 48,507
Total assets 16,315,049 35,258,940
Current liabilities:    
Accounts payable 2,377,871 4,707,763
Accrued expenses 1,645,696 1,867,995
Deferred revenue 29,136 131,959
Total current liabilities 4,052,703 6,707,717
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at June 30, 2017 and December 31, 2016; no shares issued or outstanding 0 0
Common Stock, $0.00001 par value, 50,000,000 shares authorized at June 30, 2017 and December 31, 2016; 20,862,152 and 20,367,929 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively. 207 202
Additional paid-in capital 162,178,863 153,075,595
Accumulated deficit (149,916,724) (124,524,574)
Total stockholders’ equity 12,262,346 28,551,223
Total liabilities and stockholders’ equity $ 16,315,049 $ 35,258,940

Source

v3.7.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue $ 299,506 $ 181,818 $ 874,874 $ 318,182
Operating expenses:        
Research and development 8,692,003 7,462,360 17,045,187 15,136,453
Sales and marketing 1,187,313 646,177 2,782,765 1,453,244
General and administrative 3,341,563 2,360,453 6,444,314 4,816,066
Total operating expenses 13,220,879 10,468,990 26,272,266 21,405,763
Loss from operations (12,921,373) (10,287,172) (25,397,392) (21,087,581)
Other income:        
Loss on sales of property and equipment, net 0 0 (726) 0
Interest income 2,363 2,617 5,968 6,483
Total 2,363 2,617 5,242 6,483
Net loss $ (12,919,010) $ (10,284,555) $ (25,392,150) $ (21,081,098)
Basic and diluted loss per common share $ (0.63) $ (0.62) $ (1.23) $ (1.27)
Weighted average shares outstanding, basic and diluted 20,643,261 16,721,332 20,564,561 16,563,780

Source

v3.7.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (25,392,150) $ (21,081,098)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 681,985 374,572
Stock based compensation 7,904,154 3,545,211
Amortization of prepaid rent from stock issuance to landlord 40,392 40,392
Loss on sales of property and equipment, net 726 0
Changes in operating assets and liabilities:    
Accounts receivable (101,000) (30,000)
Prepaid expenses and other current assets 555,285 (97,334)
Other assets 9,619 2,823
Accounts payable (2,329,892) 931,282
Accrued expenses (222,299) 155,493
Deferred revenue (102,823) 211,818
Net cash used in operating activities (18,956,003) (15,946,841)
Cash flows used in investing activities:    
Purchases of property and equipment (420,193) (325,732)
Proceeds from the sale of property and equipment 2,800 0
Net cash used in investing activities (417,393) (325,732)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 727,653 252,641
Proceeds from contributions to employee stock purchase plan 471,466 338,680
Net cash provided by financing activities 1,199,119 591,321
Net decrease in cash and cash equivalents (18,174,277) (15,681,252)
Cash and cash equivalents - beginning 31,258,637 29,872,564
Cash and cash equivalents - ending 13,084,360 14,191,312
Restricted Stock Units (RSUs) [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued for RSUs $ 3 $ 2

Source