Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 3,230,308 $ 3,539,911
Short-term investments (Note 1) 15,701,902 20,998,789
Prepaid expenses and other current assets (Note 1) 462,763 357,083
Total current assets 19,394,973 24,895,783
Property and equipment, net (Note 2, 4 and 9) 1,990,138 2,103,880
Other long term assets, net (Notes 1 and 3) 1,698,761 1,724,190
Total assets 23,083,872 28,723,853
Current liabilities:    
Accounts payable 212,203 437,519
Accrued compensation 179,210 609,417
Accrued expenses 244,405 325,400
Notes and other obligations, current portion (Note 4) 384,115 312,934
Deferred revenue, current portion (Note 7) 96,698 96,698
Total current liabilities 1,116,631 1,781,968
Notes and other obligations, less current portion (Note 4) 1,879,554 1,998,049
Deferred revenue, less current portion (Note 7) 1,186,189 1,258,713
Total liabilities $ 4,182,374 $ 5,038,730
Commitments and contingencies (Notes 7 and 8)
Stockholders' equity (Notes 5 and 6):    
Common stock, no par value, 60,000,000 shares authorized; 30,990,029 shares issued and outstanding $ 121,529,064 $ 120,509,997
Accumulated deficit (102,627,566) (96,824,874)
Total stockholders' equity 18,901,498 23,685,123
Total liabilities and stockholders' equity $ 23,083,872 $ 28,723,853