|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended |
86 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (3,303,666) |
$ (1,397,821) |
$ (11,301,431) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation |
0 |
0 |
1,909 |
| Stock-based expenses included in general and administrative |
671,110 |
93,857 |
3,128,531 |
| Stock-based expenses included in research and development |
293,450 |
982 |
758,484 |
| Fair value of warrant extensions |
1,139,592 |
199,839 |
1,339,431 |
| Fair value of warrant discount |
334,024 |
0 |
334,024 |
| Changes in operating assets and liabilities: |
|
|
|
| Funds on deposit with law firm |
0 |
50,000 |
0 |
| Grant receivable |
0 |
116,485 |
0 |
| Advances on research and development contract services |
(4,787) |
(23,862) |
(33,770) |
| Prepaid expenses and other current assets |
(5,551) |
(833) |
(40,905) |
| Increase (decrease) in - |
|
|
|
| Accounts payable and accrued expenses |
(42,639) |
52,762 |
66,702 |
| Liquidated damages payable under registration rights agreement |
0 |
0 |
74,000 |
| Research and development contract liabilities |
(61,636) |
114,568 |
13,052 |
| Net cash used in operating activities |
(980,103) |
(794,023) |
(5,659,973) |
| Cash flows from investing activities: |
|
|
|
| (Increase) decrease in money market funds |
344,995 |
799,891 |
(6,134) |
| Purchase of office equipment |
0 |
0 |
(1,909) |
| Net cash provided by (used in) investing activities |
344,995 |
799,891 |
(8,043) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from exercise of stock options |
33,333 |
5,000 |
38,333 |
| Proceeds from exercise of warrants |
2,468,250 |
0 |
2,468,250 |
| Proceeds from sale of common stock to consulting firm |
0 |
0 |
250 |
| Proceeds from sale of common stock to founder |
0 |
0 |
1,500 |
| Proceeds from issuance of notes payable to consultant |
0 |
0 |
200,000 |
| Repayment of notes payable to consultant |
0 |
0 |
(200,000) |
| Cash acquired in reverse merger transaction |
0 |
0 |
62,500 |
| Gross proceeds from sale of securities |
0 |
0 |
5,331,389 |
| Payment of private placement offering costs |
0 |
0 |
(446,147) |
| Advances received from stockholder |
0 |
0 |
92,717 |
| Net cash provided by financing activities |
2,501,583 |
5,000 |
7,548,792 |
| Net increase |
1,866,475 |
10,868 |
1,880,776 |
| Balance at beginning of period |
14,301 |
119,091 |
0 |
| Balance at end of period |
1,880,776 |
129,959 |
1,880,776 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest |
0 |
0 |
2,469 |
| Income taxes |
0 |
0 |
0 |
| Non-cash financing activities: |
|
|
|
| Decrease in advances under equity financing |
0 |
0 |
1,200,000 |
| Aggregate exercise price of warrants and options exercised on a cashless basis |
$ 109,391 |
$ 84,207 |
$ 193,598 |