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, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (14,956,043) $ (13,387,277)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 351,702 352,629
Stock-based compensation 996,088 1,221,662
Warrant liability 0 (67,860)
Amortization of debt discount 482,878 222,409
Amortization of deferred financing costs 0 39,717
Payment-in-kind interest 0 124,536
Amortization of license revenue (107,125) (68,962)
Loss on extinguishment of debt 0 719,097
Changes in operating assets and liabilities    
Accounts receivable (403,063) (816,654)
Inventories (1,171,961) (1,122,051)
Prepaid expenses (370,631) (123,198)
Accounts payable 689,366 311,899
Accrued expenses (143,586) (218,580)
Accrued interest 0 (105,664)
Deferred revenue 0 1,525,000
Deferred rent liability (22,920) 53,102
Net cash used in operating activities (14,655,295) (11,340,195)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of short-term investments (4,658,514) (7,111,686)
Purchase of property and equipment (63,386) (30,569)
Net cash used in investing activities (4,721,900) (7,142,255)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Oxford note payable 4,000,000 16,000,000
Proceeds from issuance of common stock 14,145,000 10,257,380
Proceeds from stock options exercised 0 49,226
Repayment of Hercules note payable 0 (15,300,781)
Prepayment penalty of early extinguishment of note payable 0 (229,512)
Debt issuance costs (47,104) (172,363)
Payment of Hercules end of term fee 0 (132,500)
Equity issuance costs (1,244,459) 0
Payments of leasehold improvement loan (11,226) (10,263)
Net cash provided by financing activities 16,842,211 10,461,187
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,534,984) (8,021,263)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 10,440,959 17,199,030
CASH AND CASH EQUIVALENTS - END OF PERIOD 7,905,975 9,177,767
Cash paid for interest 1,104,417 1,007,581
Supplemental Disclosure of Noncash Financing Activities:    
Elimination of warrant liability 0 408,900
Reclassification of equity issuance costs 0 12,000
Accrued equity issuance costs 0 37,888
Non-cash deferred financing fees 0 55,702
End of term liability in connection with note payable 358,000 1,432,000
Warrants issued in connection with note payable $ 86,300 $ 367,700