Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net loss $ (10,796,542) $ (6,925,279)
Adjustments to reconcile net loss to:    
Depreciation and amortization 192,104 191,219
Stock based compensation 1,953,534 1,679,221
Amortization of prepaid rent from stock issuance to landlord 20,196 20,196
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 55,172 (265,767)
Accounts payable 2,111,999 91,359
Accrued expenses (225,694) 124,983
Deferred revenue 363,636 300,000
Net cash used in operating activities (6,325,595) (4,784,068)
Cash flows used in investing activities:    
Purchases of property and equipment (120,370) (209,828)
Net cash used in investing activities (120,370) (209,828)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 110,283 0
Proceeds from contributions to employee stock purchase plan 173,784 0
Net cash provided by financing activities 284,067 0
Net decrease in cash and cash equivalents (6,161,898) (4,993,896)
Cash and cash equivalents - beginning 29,872,564 31,494,592
Cash and cash equivalents - ending 23,710,666 26,500,696
Stock Compensation Plan [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued 0 147,900
Restricted Stock Units (RSUs) [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued $ 1 $ 1