Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating Activities    
Net Loss $ (10,386,885) $ (9,642,376)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization 13,608 649
Stock-Based Compensation 700,833 390,469
Loss on Cancellation of Stockholder Note Receivable 91,054 0
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (194,364) (35,748)
Refundable Tax Credit Receivable (3,173) 9,786
License and Grant Receivable (564,650) 2,378,635
Other Assets (1,083) (15,364)
Accounts Payable (753,513) 704,912
Deferred Revenue 6,029,600 48,324
Accrued Expenses 53,342 (200,829)
Net Cash Used in Operating Activities (5,015,231) (6,361,542)
Investing Activities    
Acquisition of Jade (Net of Cash Acquired) 0 185,746
Restricted Cash 0 (25,000)
Equipment Purchased Under Capital Lease 0 (11,000)
Net Cash Provided by Investing Activities 0 149,746
Financing Activities    
Proceeds from Stock Offerings 11,922,252 3,768,698
Stock Issuance Costs (1,333,069) (323,814)
Exercise of Common Stock Options 40,718 56,206
Equipment Financing Payments (9,484) 0
Net Cash Provided by Financing Activities 10,620,417 3,501,090
Effect of Exchange Rate Changes on Cash 4,160 (1,053)
Net Increase (Decrease) in Cash 5,609,346 (2,711,759)
Cash, Beginning of Period 3,635,224 8,394,133
Cash, End of Period 9,244,570 5,682,374
Supplemental Disclosure of Noncash Investing and Financing Activities    
Conversion of Preferred Stock into Common Stock 9,300 6,890
Issuance of Common Stock to Acquire Jade Therapeutics, Inc. 0 2,909,766
Contingent Liability in Connection with the Jade Acquisition 0 1,210,000
Property and Equipment Acquired Under Capital Lease $ 0 $ 31,576