XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net loss $ (31,593,088) $ (21,248,823)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 165,373 36,798
Stock-based compensation expense 5,367,070 4,892,998
Amortization and accretion on investments 117,236 1,192
Changes in operating assets and liabilities:    
Restricted cash 240 (27)
Accounts receivable (21,787) 0
Inventory (109,701) 0
Prepaid expenses and other current assets (645,696) (715,105)
Other assets (64,800) (35,200)
Accounts payable 321,460 433,354
Accrued expenses and other current liabilities 647,455 1,339,165
Deferred revenue 81,399 0
Deferred rent (3,056) (13,161)
Other long term liabilities (15,442) 0
Net cash used in operating activities (25,753,337) (15,308,809)
Investing activities    
Purchases of marketable securities (28,086,686) (21,002,641)
Proceeds from maturities and sales of marketable securities 15,469,810 10,998,295
Purchases of property and equipment (508,987) (223,265)
Net cash used in investing activities (13,125,863) (10,227,611)
Financing activities    
Proceeds from IPO, net of offering costs 0 80,435,430
Proceeds from exercise of common stock 22,096 6,372
Proceeds from early exercise of common stock 0 400,000
Net cash provided by financing activities 22,096 80,841,802
Net (decrease) increase in cash and cash equivalents (38,857,104) 55,305,382
Cash and cash equivalents at beginning of period 66,686,695 33,854,153
Cash and cash equivalents at end of period 27,829,591 89,159,535
Supplemental cash flow information    
Inventory purchases included in accounts payable and accrued expense at September 30, 2016 121,077 0
Property and equipment purchases included in accrued expense at December 31, 2015 and 2014 106,680 21,000
Property and equipment purchases included in accounts payable at September 30, 2015 0 5,070
IPO issuance costs included in accounts payable and accrued expenses at December 31, 2014 0 499,549
IPO issuance costs paid in cash through December 31, 2014 $ 0 $ 575,245