Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net loss $ (19,998,675) $ (8,850,739)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 3,163,534 1,153,302
Depreciation and amortization 87,664 43,943
Loss (gain) on foreign exchange 14,094 (1,977)
Deferred rent 75,987
Changes in operating assets and liabilities:    
Increase in grants receivable (1,000,000)
Increase in prepaid expenses (553,745) (105,959)
Increase in accounts payable 1,890,876 972,194
Increase in accrued expenses 2,660,461 312,788
Increase in deferred revenue 88,577 1,851,618
Net cash used in operating activities (13,571,227) (4,624,830)
Cash flows from investing activities:    
Purchases of property and equipment (353,032) (114,037)
Net cash used in investing activities (353,032) (114,037)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 348,750 207,750
Principal payments on notes payable (239,012) (190,120)
Proceeds from issuance on common stock 16,699,133 11,328,929
Issuance costs paid for common stock financings (63,830) (509,215)
Principal payments under capital lease obligations (3,175)
Net cash provided by financing activities 16,741,866 10,837,344
Net increase in cash, cash equivalents, and restricted cash 2,817,607 6,098,477
Cash, cash equivalents, and restricted cash at beginning of the year 12,374,650 6,276,173
Cash, cash equivalents, and restricted cash at end of the year 15,192,257 12,374,650
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 5,586
Assets acquired under capital lease obligation 11,638
Purchases of property and equipment included in accounts payable or accrued expenses 34,107
Unpaid stock issuance costs $ 196,349