Quarterly report pursuant to Section 13 or 15(d)

Condensed Balance Sheets

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Condensed Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 14,360,452 $ 58,083,409
Marketable securities 70,823,435 18,931,715
Other receivables 0 2,500,000
Prepaid and other current assets 1,339,208 937,436
Total current assets 86,523,095 80,452,560
Property and equipment, net 204,914 261,446
Other assets 2,538,211 1,609,834
Total assets 89,266,220 82,323,840
Current liabilities:    
Accounts payable and accrued expenses 10,937,851 5,311,093
Accrued compensation 1,810,919 2,351,703
Current portion of deferred revenue 19,454,795 30,897,192
Note payable 0 1,000,000
Total current liabilities 32,203,565 39,559,988
Deferred revenue, less current portion 12,673,762 20,803,762
Convertible note payable 12,968,493 0
Deferred rent 139,392 171,544
Stockholders’ equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, $0.0001 par value; 200,000,000 shares authorized; 30,005,462 shares issued and outstanding at September 30, 2017; 26,118,722 shares issued and outstanding at December 31, 2016 3,001 2,612
Additional paid-in capital 194,951,562 172,424,531
Accumulated other comprehensive loss (23,093) (6,145)
Accumulated deficit (163,650,462) (150,632,452)
Total stockholders’ equity 31,281,008 21,788,546
Total liabilities and stockholders’ equity $ 89,266,220 $ 82,323,840