Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (21,081,098) $ (13,071,861)
Adjustments to reconcile net loss to:    
Depreciation and amortization 374,572 414,301
Stock based compensation 3,545,211 2,798,766
Amortization of prepaid rent from stock issuance to landlord 40,392 40,392
Changes in operating assets and liabilities:    
Accounts receivable (30,000) 0
Prepaid expenses and other current assets (97,334) (100,540)
Other assets 2,823 (9,907)
Accounts payable 931,282 (898,670)
Accrued expenses 155,493 252,320
Deferred revenue 211,818 75,000
Net cash used in operating activities (15,946,841) (10,500,199)
Cash flows used in investing activities:    
Purchases of property and equipment (325,732) (512,912)
Net cash used in investing activities (325,732) (512,912)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 252,641 14,176
Proceeds from contributions to employee stock purchase plan 338,680 0
Proceeds from the disgorgement of short-swing profit 0 12,611
Net cash provided by financing activities 591,321 26,787
Net decrease in cash and cash equivalents (15,681,252) (10,986,324)
Cash and cash equivalents - beginning 29,872,564 31,494,592
Cash and cash equivalents - ending 14,191,312 20,508,268
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 $ 2 $ 2