Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (13,387,277) $ (13,249,806)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 352,629 151,062
Stock-based compensation 1,221,662 921,394
Warrant liability (67,860) 44,196
Amortization of debt discount 222,409 95,001
Amortization of deferred financing costs 39,717 94,257
Payment-in-kind interest 124,536 119,234
Amortization of license revenue (68,962) (56,667)
Loss on extinguishment of debt 719,097 0
Changes in operating assets and liabilities    
Accounts receivable (816,654) (562,171)
Inventories (1,122,051) 216,502
Prepaid expenses (123,198) 13,068
Other assets 0 (14,586)
Accounts payable 311,899 (265,754)
Accrued expenses (218,580) 671,367
Accrued interest (105,664) 37,069
Deferred revenue 1,525,000 0
Deferred rent liability 53,102 (16,643)
Net cash used in operating activities (11,340,195) (11,802,477)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of short-term investments (7,111,686) (3,384,446)
Purchase of property and equipment (30,569) (1,766,963)
Net cash used in investing activities (7,142,255) (5,151,409)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Oxford note payable 16,000,000 0
Proceeds from issuance of common stock 10,257,380 0
Proceeds from stock options exercised 49,226 0
Proceeds from Hercules note payable, net of fees 0 4,850,000
Repayment of Hercules note payable (15,300,781) 0
Prepayment penalty of early extinguishment of note payable (229,512) 0
Debt issuance costs (172,363) (30,140)
Payment of Hercules end of term fee (132,500) 0
Equity issuance costs 0 (54,543)
Payments of leasehold improvement loan (10,263) (9,383)
Net cash provided by financing activities 10,461,187 4,755,934
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (8,021,263) (12,197,952)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 17,199,030 26,149,477
CASH AND CASH EQUIVALENTS - END OF PERIOD 9,177,767 13,951,525
Cash paid for interest 1,007,581 561,705
Supplemental Disclosure of Noncash Financing Activities:    
Elimination of warrant liability 408,900 0
Reclassification of equity issuance costs 12,000 0
Accrued equity issuance costs 37,888 17,265
Non-cash deferred financing fees 55,702 0
End of term liability in connection with note payable 1,432,000 0
Warrants issued in connection with note payable $ 367,700 $ 219,588