Financials

v3.8.0.1
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 20,223,859 $ 31,258,637
Accounts receivable 250,500 149,500
Prepaid expenses and other current assets 719,931 1,374,585
Prepaid rent, current 80,784 80,784
Total current assets 21,275,074 32,863,506
Property and equipment, net 1,724,500 2,209,475
Prepaid rent, non-current 76,864 137,452
Other assets 32,512 48,507
Total assets 23,108,950 35,258,940
Current liabilities:    
Accounts payable 2,169,930 4,707,763
Accrued expenses 1,658,816 1,867,995
Deferred revenue 29,136 131,959
Total current liabilities 3,857,882 6,707,717
Commitments and contingencies
Stockholders’ equity    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at September 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 September 30, 2017 and December 31, 2016; 22,162,643 and 20,367,929 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively. 220 202
Additional paid-in capital 181,915,820 153,075,595
Accumulated deficit (162,664,972) (124,524,574)
Total stockholders’ equity 19,251,068 28,551,223
Total liabilities and stockholders’ equity $ 23,108,950 $ 35,258,940

Source

v3.8.0.1
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue $ 250,000 $ 1,003,973 $ 1,124,874 $ 1,322,155
Operating expenses:        
Research and development 8,743,434 7,944,465 25,788,621 23,080,918
Sales and marketing 1,141,852 736,751 3,924,617 2,189,995
General and administrative 3,116,337 2,450,778 9,560,651 7,266,843
Total operating expenses 13,001,623 11,131,994 39,273,889 32,537,756
Loss from operations (12,751,623) (10,128,021) (38,149,015) (31,215,601)
Other income:        
Loss on sales of property and equipment, net 0 0 (726) 0
Interest income 3,375 2,958 9,343 9,441
Total 3,375 2,958 8,617 9,441
Net loss $ (12,748,248) $ (10,125,063) $ (38,140,398) $ (31,206,160)
Basic and diluted loss per common share $ (0.58) $ (0.57) $ (1.81) $ (1.83)
Weighted average shares outstanding, basic and diluted 21,958,729 17,912,743 21,034,391 17,016,717

Source

v3.8.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (38,140,398) $ (31,206,160)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 999,396 628,613
Stock based compensation 12,472,870 5,405,908
Amortization of prepaid rent from stock issuance to landlord 60,588 60,588
Loss on sales of propery and equipment, net 726 0
Changes in operating assets and liabilities:    
Accounts receivable (101,000) (625,000)
Prepaid expenses and other current assets 654,654 (484,284)
Other assets 15,995 2,823
Accounts payable (2,537,833) 948,700
Accrued expenses (209,179) 717,002
Deferred revenue (102,823) 112,245
Net cash used in operating activities (26,887,004) (24,439,565)
Cash flows used in investing activities:    
Purchases of property and equipment (517,947) (858,445)
Proceeds from the sale of property and equipment 2,800 0
Net cash used in investing activities (515,147) (858,445)
Cash flows from financing activities:    
Net proceeds for issuance of shares to a private investor 14,932,547 19,890,660
Proceeds from the exercise of stock options 738,552 270,716
Proceeds from contributions to employee stock purchase plan 696,274 533,005
Net cash provided by financing activities 16,367,373 20,381,701
Net decrease in cash and cash equivalents (11,034,778) (4,916,309)
Cash and cash equivalents - beginning 31,258,637 29,872,564
Cash and cash equivalents - ending 20,223,859 24,956,255
Restricted Stock Units (RSUs) [Member]    
Cash flows from financing activities:    
Shares repurchased for tax withholdings on vesting 0 (266,217)
Supplemental disclosure of non-cash financing activities:    
Common stock issued 6 4
Performance Shares [Member]    
Cash flows from financing activities:    
Shares repurchased for tax withholdings on vesting 0 (46,463)
Supplemental disclosure of non-cash financing activities:    
Common stock issued $ 0 $ 1

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