Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net loss $ (8,072,549) $ (9,018,878)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation for services 943,486 1,227,597
Depreciation and amortization 222,048 251,900
Impairment charges    2,951
Amortization of license fees (71,524) (61,612)
Gain on sale of equipment (34,000)   
Change in:    
Accounts receivable 4,730 (56,068)
Prepaid expenses and other current assets 236,999 229,135
Accounts payable (259,067) 256,431
Accrued compensation 150,830 (409,335)
Accrued expenses (444,367) 330,190
Deferred revenue 68,585 317,485
Net cash used in operating activities (7,254,829) (6,930,204)
Cash flows from investing activities:    
Purchases of short-term investments (32,486,785) (17,759,448)
Sales of short-term investments 18,785,040 5,989,785
Purchases of property and equipment (14,512) (24,241)
Purchases of patents and other assets (127,346) (79,055)
Proceeds from sale of equipment 34,000   
Net cash used in investing activities (13,809,603) (11,872,959)
Cash flows from financing activities:    
Repayment of notes payable and other obligations (345,657) (789,058)
Net proceeds from issuance of common stock 20,122,652 12,969,587
Net cash provided by financing activities 19,776,995 12,180,529
Net decrease in cash and cash equivalents (1,287,437) (6,622,634)
Cash and cash equivalents at beginning of period 5,658,683 10,977,974
Cash and cash equivalents at end of period 4,371,246 4,355,340
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest $ 79,879 $ 110,519