XML 57 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (16,745,260) $ (21,548,585)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 451,386 244,195
Amortization of intangible assets 442,615 477,462
Change in value of common stock warrants 51,000 (318,464)
Stock-based compensation 3,773,134 3,752,687
Amortization of premiums on investments 154,655 0
Deferred rent 242,777 375,382
Loss on disposal of fixed assets (2,252) 2,959
Loss on short-term investments 1,183 0
Loss on investment in affiliated entity (6,508,836) 1,835,123
Gain on sale of intangible assets (1,000,000) 0
Changes in operating assets and liabilities:    
Accounts receivable (2,804,638) 424,911
Prepaid expenses and other current assets 246,675 (80,126)
Prepaid expenses and other current assets from affiliated entity 337,005 1,536,433
Other assets (106,774) (168)
Accounts payable and accrued expenses 34,008 24,547
Accounts payable and accrued expenses due to affiliated entity 3,388,610 182,245
Deferred revenue (2,895,227) (527,765)
Deferred revenue from affiliated entity (150,000) (143,751)
Net cash used in operating activities (21,089,939) (13,705,728)
Cash flows from investing activities:    
Purchases of investments (35,193,487) (8,286,494)
Maturities of investments 3,745,000 6,900,000
Purchases of capital assets (1,173,024) (887,183)
Proceeds from sale of intangible assets 1,000,000 0
Net cash used in investing activities (31,621,511) (2,273,677)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 81,902,363 59,209,182
Proceeds from stock option and warrant exercises 562,679 11,587,300
Net cash provided by financing activities 82,465,042 70,796,482
Effect of exchange rate changes on cash and cash equivalents 0 (1,689)
Increase in cash and cash equivalents 29,753,592 54,815,388
Cash and cash equivalents, beginning of period 40,543,982 33,719,796
Cash and cash equivalents, end of period 70,297,574 88,535,184
Supplemental disclosure of non-cash activities    
Amounts accrued for purchases of property and equipment 190,109 89,539
Lease incentive recorded as fixed assets and deferred rent $ 0 $ 933,350