|
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Operating activities |
|
|
| Net loss |
$ (26,868,198) |
$ (16,590,827) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
| Depreciation |
23,249 |
47,747 |
| Share-based compensation expense |
391,393 |
295,106 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(35,889) |
48,634 |
| Prepaid expenses and other assets |
(574,341) |
(34,189) |
| Accounts payable |
3,353,459 |
(554,256) |
| Accrued liabilities and employee benefits |
2,785,736 |
(448,493) |
| Deferred revenue |
(1,666,674) |
(1,666,659) |
| Net cash used in operating activities |
(22,591,265) |
(18,902,937) |
| Investing activities |
|
|
| Purchases of investments |
|
(12,000,000) |
| Maturities of investments |
1,500,000 |
17,700,122 |
| Purchase of property and equipment |
(33,255) |
(38,957) |
| Net cash provided by investing activities |
1,466,745 |
5,661,165 |
| Financing activities |
|
|
| Proceeds from issuance of convertible promissory notes, net |
100,000 |
15,163,004 |
| Proceeds from stock option exercises |
332,938 |
31,081 |
| Proceeds from stock subscription |
109,834 |
|
| Gross proceeds of private placement |
43,841,850 |
|
| Payment of costs of private placement |
(3,754,706) |
|
| Net cash provided by financing activities |
40,629,916 |
15,194,085 |
| Net increase in cash and cash equivalents |
19,505,396 |
1,952,313 |
| Cash and cash equivalents at beginning of year |
15,645,528 |
13,693,215 |
| Cash and cash equivalents at end of year |
35,150,924 |
15,645,528 |
| Cash paid for interest |
11,320 |
|
| Cash paid for taxes |
$ 31,437 |
$ 13,857 |