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, 2016
Dec. 31, 2015
Operating Activities:    
Net Loss $ (13,343,437) $ (8,387,972)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization 5,185 1,257
Non-Cash Interest Expense Charge on Beneficial Conversion Feature of Notes 0 1,663,873
Non-Cash Interest Expense Related to Debt Discount 0 244,111
Stock-Based Compensation 510,995 1,224,687
Fair Value Adjustment on Common Stock Warrants 0 (223,172)
Changes in Operating Assets and Liabilities:    
License Fee Receivable 3,233,636 (907,500)
Prepaid Expenses and Other Current Assets 26,287 (95,952)
Refundable Tax Credit Receivable 7,703 (2,357)
Other Assets (16,727) (1,148)
Accounts Payable 712,795 (148,250)
Deferred Revenue 0 1,907,500
Accrued Expenses 450,383 265,754
Net Cash Used in Operating Activities (8,413,180) (4,459,169)
Investing Activities:    
Equipment Purchased Under Capital Lease (11,000) 0
Acquisition of Jade (Net of Cash Acquired) 185,746 0
Restricted Cash (25,000) (20,000)
Net Cash Provided by (Used in) Investing Activities 149,746 (20,000)
Financing Activities:    
Exercise of Common Stock Options 56,206 26,826
Proceeds from Public Offerings 3,768,698 14,101,260
Offering Costs (323,814) (1,479,202)
Equipment Financing Payments (2,863) 0
Payments of Grants Payable 0 (32,628)
Net Cash Provided by Financing Activities 3,498,227 12,616,256
Effect of Exchange Rate Changes on Cash 6,298 90,045
Net (Decrease) Increase in Cash (4,758,909) 8,227,132
Cash, Beginning of Year 8,394,133 167,001
Cash, End of Year 3,635,224 8,394,133
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 2,776,419 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 Common Stock to Acquire Jade Therapeutics, Inc. 2,909,766 0
Contingent Liability in Connection with Jade Acquisition 1,210,000 0
Property and Equipment Acquired Under Capital Lease $ 31,576 $ 0