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v3.8.0.1

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended
--- | ---
Sep. 30, 2017 | Sep. 30, 2016
Cash flows from operating activities: |  |
Net loss | $ (31,685,295) | $ (21,641,308)
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Depreciation and amortization | 9,310 | 12,959
Amortization of debt discount recorded as interest expense | 170,822 | 270,944
(Accretion) amortization of marketable securities | (83,268) | 102,632
Stock-based compensation expense | 3,775,469 | 2,558,456
Changes in operating assets and liabilities |  |
Prepaid expenses and other current assets | (51,840) | 473,537
Accounts payable | 35,071 | (527,340)
Accrued expenses and other current liabilities | 1,206,592 | (1,543,783)
Accrued collaborative expenses | (2,547,952) | 3,533,788
Deferred revenue | 41,175,600 |
Net cash provided by (used in) operating activities | 12,004,509 | (16,760,115)
Cash flows from investing activities: |  |
Proceeds from the maturity and redemption of marketable securities | 27,390,000 | 17,818,000
Purchase of marketable securities | (134,554,390) |
Net cash (used in) provided by investing activities | (107,164,390) | 17,818,000
Cash flows from financing activities: |  |
Proceeds from sale of common stock in public offering | 44,562,500 | 57,499,995
Costs paid in connection with public offering | (2,944,168) | (3,832,004)
Repurchase of common stock | (389) |
Proceeds from exercise of common stock warrants | 9,356,833 | 22,222,494
Proceeds from exercise of stock options | 1,130,544 | 9,861
Repayments of notes payable | (3,671,300) | (389,203)
Proceeds from sale of common stock in private placement |  | 999,999
Net cash provided by financing activities | 48,434,020 | 76,511,142
Net (decrease) increase in cash and cash equivalents | (46,725,861) | 77,569,027
Cash and cash equivalents |  |
Beginning of period | 82,980,609 | 14,284,054
End of period | 36,254,748 | 91,853,081
Supplemental disclosure of cash flow information |  |
Cash paid for interest | $ 360,272 | $ 528,750

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