Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net loss $ (2,442,433) $ (2,801,086)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 84 342
Non-cash interest expense charge on beneficial conversion feature of notes 0 1,663,873
Non-cash interest expense on accounting of the debt discount 0 244,111
Fair value adjustment on common stock warrants 0 (223,172)
Stock-based compensation 113,360 484,540
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (257,642) (154,092)
Refundable tax credit receivable (112) (744)
License fee receivable 570,000 0
Other assets (7,984) 463
Accounts payable 173,182 (279,714)
Deferred revenue 798,455 0
Accrued expenses (300,413) (703,472)
Net cash used in operating activities (1,353,503) (1,768,950)
Investing activities:    
Acquisition of Jade (net of cash acquired) 185,746 0
Restricted cash (10,000) (20,000)
Net cash provided by (used in) investing activities 175,746 (20,000)
Financing activities    
Proceeds from initial public stock offering 0 4,099,500
Exercise of common stock options $ 0 14,948
Offering costs (224,864)
Grant refund (32,628)
Net cash provided by financing activities $ 0 3,856,956
Effect of exchange rate changes on cash (1,595) 50,177
Net (decrease) increase in cash (1,179,352) 2,118,183
Cash, beginning of period 8,394,133 167,001
Cash, end of period 7,214,781 2,285,184
Supplemental disclosure of noncash investing and financing activities    
Conversion of non-controlling interests to common stock 0 6,818,732
Conversion of preferred stock into common stock 0 36,408,666
Exercise of common warrants 0 97
Conversion of promissory notes and accrued interest into common stock 0 3,532,694
Deemed dividend on conversion of preferred stock 0 8,222,008
Application of deferred offering costs on IPO 0 1,148,994
Warrant liability reclassified to stockholders’ equity 0 79,930
Issuance of capital stock to acquired Jade Therapeutics LLC 2,442,711 0
Contingent liability in connection with the Jade transaction $ 1,210,000 $ 0