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v3.6.0.2

Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
Operating activities |  |  |
Net loss | $ (31,809,838) | $ (12,769,498) | $ (11,121,566)
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Depreciation | 190,540 | 191,484 | 158,708
Loss on disposal of property and equipment |  | 8,001 | 1,424
Stock-based compensation expense | 2,964,767 | 2,323,603 | 1,635,065
Changes in assets and liabilities |  |  |
Prepaid expenses and other current assets | (36,693) | 474,439 | 1,656,823
Prepaid research and development expenses | (63,000) |  | (696,531)
Deposits | (52,320) |  |
Accounts payable | 1,000,975 | (309,792) | (270,867)
Accrued expenses and bonuses | (2,504,179) | 1,693,238 | 4,459,292
Deferred rent | 578,483 | 146,635 | (103,935)
Net cash used in operating activities | (29,731,265) | (8,241,890) | (4,281,587)
Investing activities |  |  |
Purchases of property and equipment | (704,202) | (268,594) | (212,603)
Net cash used in investing activities | (704,202) | (268,594) | (212,603)
Financing activities |  |  |
Proceeds from issuance of common stock, net of issuance costs | 23,601,955 |  | 57,248,219
Proceeds from exercise of stock options | 72,593 | 114,121 | 134,291
Net cash provided by financing activities | 23,674,548 | 114,121 | 57,382,510
Net change in cash and cash equivalents | (6,760,919) | (8,396,363) | 52,888,320
Cash and cash equivalents, beginning of period | 46,802,560 | 55,198,923 | 2,310,603
Cash and cash equivalents, end of period | 40,041,641 | $ 46,802,560 | 55,198,923
Supplemental disclosure of cash flow information |  |  |
Cash paid for taxes |  |  | 80,000
Non-cash investing and financing activities |  |  |
Property asset acquisition included in accrued expenses | $ 21,292 |  |
Series A-1 Convertible Preferred Stock |  |  |
Non-cash investing and financing activities |  |  |
Conversion of Series A convertible preferred stock to common stock |  |  | $ 38,805,055

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