|
Statement of Cash Flows (USD $)
|
12 Months Ended |
153 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2013
|
| Cash Flows from Operating Activities: |
|
|
|
| Net loss |
$ (9,499,424) |
$ (6,226,670) |
$ (72,810,707) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Beneficial conversion feature |
|
|
1,625,000 |
| Compensatory stock |
306,800 |
|
2,436,677 |
| Depreciation and amortization |
37,133 |
42,386 |
720,056 |
| Stock-based compensation |
565,428 |
230,987 |
6,374,044 |
| Amortization of deferred research and development arrangement |
(792,370) |
(125,000) |
(1,592,370) |
| Note receivable (Note 5) |
|
18,682 |
|
| Realized losses on marketable securities |
|
|
13,301 |
| Unrealized loss/(gain) on fair value of warrants |
1,365,654 |
(663,876) |
(2,974,327) |
| Unrealized gain on fair value of put feature on common stock |
|
|
(2,315,539) |
| Financing expense |
204,212 |
332,108 |
1,176,343 |
| Amortization of deferred lease incentive |
(16,222) |
(20,000) |
(86,222) |
| Deferred lease expenses |
25,709 |
(18,971) |
61,126 |
| Loss on impairment of intangible assets |
|
|
286,132 |
| Changes in assets and liabilities: |
|
|
|
| Prepaid expenses and other current assets |
(263,697) |
144,363 |
(452,505) |
| Accounts payable and accrued expenses |
81,921 |
(333,568) |
933,758 |
| Net Cash Used in Operating Activities |
(7,984,856) |
(6,619,559) |
(66,605,233) |
| Cash Flows from Investing Activities: |
|
|
|
| Restricted cash equivalents |
895,671 |
339,964 |
(196,130) |
| Purchase of equipment |
(50,149) |
|
(615,144) |
| Purchase of marketable securities |
|
|
(21,123,960) |
| Proceeds from sales of marketable securities |
|
1,850,000 |
21,010,659 |
| Payment of licensing fees |
|
|
(356,216) |
| Net Cash Provided By (Used in) Investing Activities |
845,522 |
2,189,964 |
(1,280,791) |
| Cash Flows from Financing Activities: |
|
|
|
| Issuance of common stock and units, net of issuance costs |
10,041,155 |
7,128,650 |
72,975,379 |
| Proceeds from exercise of stock options |
90,000 |
|
260,082 |
| Proceeds from exercise of stock warrants |
2,209,667 |
|
5,791,004 |
| Proceeds from long-term debt |
|
|
5,150,000 |
| Proceeds from research and development arrangement |
|
926,000 |
2,426,000 |
| Purchase of treasury stock |
|
|
(28,410) |
| Net Cash Provided by Financing Activities |
12,340,822 |
8,054,650 |
86,574,055 |
| Net Increase in Cash and Cash Equivalents |
5,201,488 |
3,625,055 |
18,688,031 |
| Cash and Cash Equivalents - beginning of period |
13,486,543 |
9,861,488 |
|
| Cash and Cash Equivalents - end of period |
18,688,031 |
13,486,543 |
18,688,031 |
| Supplemental Cash Flow Information |
|
|
|
| Interest paid |
|
|
301,147 |
| Non-cash financing and investing activties: |
|
|
|
| Warrants issued |
2,564,002 |
2,637,216 |
16,255,645 |
| Put feature on common stock issued |
|
|
4,954,738 |
| Dilutive issuances of common stock |
|
|
2,639,199 |
| Warrant liability extinguishment from exercise of warrants |
1,737,663 |
|
7,918,323 |
| Leasehold improvement incentive |
54,660 |
|
154,660 |
| Settlement of lawsuit |
|
|
$ 43,953 |