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Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
Operating activities |  |  |
Net loss | $ (33,281,068) | $ (31,809,838) | $ (12,769,498)
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Depreciation | 263,541 | 190,540 | 191,484
Loss on disposal of property and equipment |  |  | 8,001
Stock-based compensation expense | 3,760,802 | 2,964,767 | 2,323,603
Changes in assets and liabilities |  |  |
Prepaid expenses and other current assets | (2,816,381) | (36,693) | 474,439
Prepaid research and development expenses | 555,167 | (63,000) |
Deposits |  | (52,320) |
Accounts payable | 1,061,880 | 1,000,975 | (309,792)
Accrued expenses and bonuses | 724,797 | (2,504,179) | 1,693,238
Deferred rent | (37,099) | 578,483 | 146,635
Net cash used in operating activities | (29,768,361) | (29,731,265) | (8,241,890)
Investing activities |  |  |
Purchases of property and equipment | (294,107) | (704,202) | (268,594)
Net cash used in investing activities | (294,107) | (704,202) | (268,594)
Financing activities |  |  |
Proceeds from issuance of common stock, net of issuance costs | 113,572,189 | 23,601,955 |
Proceeds from exercise of stock options | 373,376 | 72,593 | 114,121
Net cash provided by financing activities | 113,945,565 | 23,674,548 | 114,121
Net change in cash and cash equivalents | 83,883,097 | (6,760,919) | (8,396,363)
Cash and cash equivalents, beginning of period | 40,041,641 | 46,802,560 | 55,198,923
Cash and cash equivalents, end of period | 123,924,738 | 40,041,641 | $ 46,802,560
Non-cash investing activities and financing activities |  |  |
Property acquisition costs included in accounts payable and accrued expenses | 20,000 | $ 21,292 |
Issuance costs associated with financing included in accounts payable and accrued expenses | $ 25,005 |  |

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