Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (17,969,930) $ (16,813,163)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 469,821 247,852
Stock-based compensation 1,711,047 1,248,454
Warrant liability (67,860) 74,356
Amortization of debt discount 353,635 133,197
Amortization of deferred financing costs 39,717 125,777
Payment-in-kind interest 124,536 176,245
Amortization of license and other revenue (127,350) (75,556)
Loss on extinguishment of debt 719,097 0
Changes in operating assets and liabilities:    
Accounts receivable (540,507) (383,961)
Inventories (1,737,010) (39,704)
Prepaid expenses 32,559 155,144
Other assets 0 (14,586)
Accounts payable 308,658 (937,779)
Accrued expenses (199,615) 1,351,937
Accrued interest (105,664) 69,067
Deferred revenue 1,525,000 0
Deferred rent liability 45,462 (22,190)
Net cash used in operating activities (15,418,404) (14,704,910)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of short-term investments (1,715,502) (1,717,492)
Purchase of property and equipment (26,073) (2,323,251)
Net cash used in investing activities (1,741,575) (4,040,743)
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 49,227 0
Proceeds from Hercules note payable, net of fees 0 9,850,000
Repayment of Hercules note payable (15,300,781) 0
Prepayment penalty of early extinguishment of note payable (229,512) 0
Payment of debt issuance costs (228,065) (30,140)
Payment of Hercules end of term fee (132,500) 0
Equity issuance costs 0 (12,000)
Payments of leasehold improvement loan (13,841) (12,654)
Net cash provided by financing activities 10,401,908 9,795,206
NET DECREASE IN CASH AND CASH EQUIVALENTS (6,758,071) (8,950,447)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 17,199,030 26,149,477
CASH AND CASH EQUIVALENTS - END OF YEAR 10,440,959 17,199,030
SUPPLEMENTAL INFORMATION:    
Cash paid for interest 1,326,788 785,527
Supplemental Disclosure of Noncash Financing Activities:    
Reclassification of equity issuance costs to additional paid-in capital 12,000 0
Warrants issued in connection with note payable 367,700 402,404
Accrued equity issuance costs 0 55,640
End of term liability in connection with note payable 1,432,000 $ 0
Elimination of warrant liability $ 408,900