Financials

v3.5.0.2
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 24,956,255 $ 29,872,564
Accounts receivable 625,000 0
Prepaid expenses and other current assets 1,206,533 722,249
Prepaid rent, current 80,784 80,784
Total current assets 26,868,572 30,675,597
Property and equipment, net 1,960,197 1,730,365
Prepaid rent, non-current 157,648 218,236
Other assets 48,507 51,330
Total assets 29,034,924 32,675,528
Current liabilities:    
Accounts payable 3,273,673 2,324,973
Accrued expenses 1,792,881 1,075,879
Deferred revenue 112,245 0
Total current liabilities 5,178,799 3,400,852
Commitments and contingencies
Stockholders’ equity    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2016 and December 31, 2015; no shares issued or outstanding 0 0
Common Stock, $0.00001 par value, 50,000,000 shares authorized at September 30, 2016 and December 31, 2015; 18,999,193 and 16,298,208 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively. 189 161
Additional paid-in capital 133,769,276 107,981,695
Accumulated deficit (109,913,340) (78,707,180)
Total stockholders’ equity 23,856,125 29,274,676
Total liabilities and stockholders’ equity $ 29,034,924 $ 32,675,528

Source

v3.5.0.2
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue $ 1,003,973 $ 2,075,000 $ 1,322,155 $ 2,500,000
Operating expenses:        
Research and development 7,944,465 4,758,590 23,080,918 13,008,190
Sales and marketing 736,751 767,762 2,189,995 2,518,114
General and administrative 2,450,778 2,156,965 7,266,843 5,663,583
Total operating expenses 11,131,994 7,683,317 32,537,756 21,189,887
Loss from operations (10,128,021) (5,608,317) (31,215,601) (18,689,887)
Other income:        
Interest income 2,958 2,656 9,441 12,365
Total 2,958 2,656 9,441 12,365
Net loss $ (10,125,063) $ (5,605,661) $ (31,206,160) $ (18,677,522)
Basic and diluted loss per common share $ (0.57) $ (0.43) $ (1.83) $ (1.45)
Weighted average shares outstanding, basic and diluted 17,912,743 13,018,494 17,016,717 12,907,893

Source

v3.5.0.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (31,206,160) $ (18,677,522)
Adjustments to reconcile net loss to:    
Depreciation and amortization 628,613 617,517
Stock based compensation 5,405,908 4,306,435
Amortization of prepaid rent from stock issuance to landlord 60,588 60,588
Changes in operating assets and liabilities:    
Accounts receivable (625,000) (2,000,000)
Prepaid expenses and other current assets (484,284) (4,338)
Other assets 2,823 (16,283)
Accounts payable 948,700 58,591
Accrued expenses 717,002 194,945
Deferred revenue 112,245 0
Net cash used in operating activities (24,439,565) (15,460,067)
Cash flows used in investing activities:    
Purchases of property and equipment (858,445) (732,634)
Net cash used in investing activities (858,445) (732,634)
Cash flows from financing activities:    
Net proceeds from issuance of shares to a private investor 19,890,660 0
Proceeds from the exercise of stock options 270,716 25,876
Proceeds from contributions to employee stock purchase plan 533,005 169,811
Proceeds from the disgorgement of short-swing profit 0 12,611
Net cash provided by financing activities 20,381,701 208,298
Net decrease in cash and cash equivalents (4,916,309) (15,984,403)
Cash and cash equivalents - beginning 29,872,564 31,494,592
Cash and cash equivalents - ending 24,956,255 15,510,189
Stock Compensation Plan [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued for services 0 147,900
Restricted Stock Units (RSUs) [Member]    
Cash flows from financing activities:    
Shares repurchased for tax withholdings on vested stock units (266,217) 0
Supplemental disclosure of non-cash financing activities:    
Common stock issued 4 2
Performance Shares [Member]    
Cash flows from financing activities:    
Shares repurchased for tax withholdings on vested stock units (46,463)  
Supplemental disclosure of non-cash financing activities:    
Common stock issued $ 1 $ 0

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