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, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net loss $ (5,802,692) $ (8,072,549)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation for services 1,019,067 943,486
Depreciation and amortization 194,438 222,048
Amortization of license fees $ (72,524) (71,524)
Gain on sale of equipment $ (34,000)
Other noncash charges $ 4,647
Change in:    
Accounts receivable (59,677) $ 4,730
Prepaid expenses and other current assets 236,822 236,999
Accounts payable (225,316) (259,067)
Accrued compensation (430,207) 150,830
Accrued expenses $ (80,995) (444,367)
Deferred revenue 68,585
Net cash used in operating activities $ (5,216,437) (7,254,829)
Cash flows from investing activities:    
Purchases of short-term investments (21,208,206) (32,486,785)
Sales of short-term investments $ 26,505,093 18,785,040
Purchases of property and equipment (14,512)
Purchases of patent and trademark application costs $ (59,914) (127,346)
Proceeds from sale of equipment 34,000
Net cash provided by (used in) investing activities $ 5,236,973 (13,809,603)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 20,122,652
Repayment of notes payable and other obligations $ (330,139) (345,657)
Net cash (used in) provided by financing activities (330,139) 19,776,995
Net change in cash and cash equivalents (309,603) (1,287,437)
Cash and cash equivalents at beginning of period 3,539,911 5,658,683
Cash and cash equivalents at end of period 3,230,308 4,371,246
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest $ 74,936 $ 79,879