Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating Activities:    
Net Loss $ (6,265,714) $ (4,342,439)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization 245 684
Non-Cash Interest Expense Charge on Beneficial Conversion Feature of Notes 0 1,663,873
Non-Cash Interest Expense Relating to Debt Discount 0 244,111
Fair Value Adjustment on Common Stock Warrants 0 (223,172)
Stock-Based Compensation 237,404 775,295
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (143,622) (107,206)
Refundable Tax Credit Receivable (2,092) 798
License Fee Receivable 861,516 0
Other Assets (6,506) 327
Accounts Payable 533,766 (228,337)
Deferred Revenue 655,823 0
Accrued Expenses 100,637 (524,986)
Net Cash Used in Operating Activities (4,028,543) (2,741,052)
Investing Activities:    
Acquisition of Jade (Net of Cash Acquired) 185,746 0
Restricted Cash (25,000) (20,000)
Net Cash Provided by (Used in) Investing Activities 160,746 (20,000)
Financing Activities:    
Proceeds from Initial Public Stock Offering 0 4,099,500
Proceeds from Public Stock Offering 3,768,750 0
Exercise of Common Stock Options 56,206 14,948
Offering Costs (323,814) (293,381)
Grant Refund 0 (32,628)
Net Cash Provided by Financing Activities 3,501,142 3,788,439
Effect of Exchange Rate Changes on Cash (1,059) 79,577
Net (Decrease) Increase in Cash (367,714) 1,106,964
Cash, Beginning of Period 8,394,133 167,001
Cash, End of Period 8,026,419 1,273,965
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 Stock 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 Common Stock to Acquire Jade Therapeutics, Inc. 2,470,005 0
Contingent Liability in Connection with Jade Acquisition $ 1,210,000 $ 0