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, 2017
Dec. 31, 2016
Operating Activities    
Net Loss $ (13,217,917) $ (13,343,437)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization 19,288 5,185
Stock-Based Compensation 870,308 510,995
Loss on Cancellation of Stockholder Note Receivable 91,054 0
Deferred Taxes (1,341,973) 0
Changes in Operating Assets and Liabilities:    
License and Grant Receivable 37,349 3,233,636
Prepaid Expenses and Other Current Assets (447,570) 26,287
Refundable Tax Credit Receivable (4,907) 7,703
Other Assets (1,082) (16,727)
Accounts Payable (706,039) 712,795
Deferred Revenue 8,088,600 0
Accrued Expenses 144,348 450,383
Net Cash Used in Operating Activities (6,468,541) (8,413,180)
Investing Activities:    
Equipment Purchased Under Capital Lease 0 (11,000)
Purchase of Property and Equipment (36,999) 0
Acquisition of Jade (Net of Cash Acquired) 0 185,746
Net Cash (Used in) Provided by Investing Activities (36,999) 174,746
Financing Activities:    
Exercise of Common Stock Options 40,718 56,206
Proceeds from Employee Stock Purchase Plan 54,097  
Proceeds from Stock Offerings 11,922,252 3,768,698
Stock Issuance Costs (1,333,069) (323,814)
Equipment Financing Payments (12,645) (2,863)
Net Cash Provided by Financing Activities 10,671,353 3,498,227
Effect of Exchange Rate Changes on Cash 4,992 6,298
Net Increase (Decrease) in Cash 4,170,805 (4,733,909)
Cash, Including Restricted Cash, Beginning of Year 3,680,224 8,414,133
Cash, Including Restricted Cash, End of Year 7,851,029 3,680,224
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Conversion of Preferred Stock into Common Stock 9,300 2,776,419
Issuance of Common Stock to Acquire Jade Therapeutics, Inc. 0 2,909,766
Contingent Liability in Connection with Jade Acquisition 0 1,210,000
Property and Equipment Acquired Under Capital Lease $ 0 $ 31,576