Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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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