Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

v3.8.0.1
Condensed Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net loss $ (13,040,010) $ (20,609,939)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 81,023 79,877
Stock-based compensation expense 3,049,181 2,456,196
Amortization of premiums and discounts on marketable securities, net (13,260) 6,323
Accrued interest included in convertible note payable 468,493 0
Changes in operating assets and liabilities:    
Other receivables 2,500,000 0
Prepaid and other current assets (458,038) 844,647
Other assets (872,111) 0
Accounts payable and accrued expenses 5,617,193 (97,396)
Accrued compensation (540,784) 175,197
Deferred revenue (19,572,397) 0
Deferred rent (22,587) (13,313)
Net cash used in operating activities (22,803,297) (17,158,408)
Investing activities    
Maturities of marketable securities 57,257,000 30,847,000
Purchase of marketable securities (109,152,408) (24,958,424)
Capital expenditures (24,491) (107,165)
Net cash (used in) provided by investing activities (51,919,899) 5,781,411
Financing activities    
Proceeds from issuance of convertible promissory note, net 12,500,000 0
Principal payment on promissory note (1,000,000) 0
Proceeds from issuance of common stock, net 30,609,789 11,781,626
Repurchase of common stock (11,202,542) 0
Proceeds from stock issuances related to exercise of stock options and employee stock purchase plan 92,992 32,898
Net cash provided by financing activities 31,000,239 11,814,524
Net (decrease) increase in cash and cash equivalents (43,722,957) 437,527
Cash and cash equivalents at beginning of period 58,083,409 13,876,090
Cash and cash equivalents at end of period 14,360,452 14,313,617
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 4,861 $ 52,500