Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Changes in Stockholders' Equity (Deficit)

Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2012	$ 1,145,635	$ 21,392	$ 56,867,706	$ (55,743,463)
Beginning Balance, Shares at Dec. 31, 2012		21,391,665
Stock-based compensation	657,812	$ 265	657,547
Stock-based compensation, Shares		265,834
Proceeds from the sale of common stock, net of offering costs	2,883,257	$ 554	2,882,703
Proceeds from the sale of common stock, net of offering costs, Shares		554,310
Issuance of common stock from exercise of options	13,053	$ 17	13,036
Issuance of common stock from exercise of options, Shares		16,650
Issuance of common stock from exercise of warrants	3,467,395	$ 2,337	3,465,058
Issuance of common stock from exercise of warrants, Shares		2,336,988
Transfer of warrant derivatives from liability to equity classification	1,047,095		$ 1,047,095
Net loss	(10,773,792)			$ (10,773,792)
Ending Balance at Dec. 31, 2013	(1,559,545)	$ 24,565	$ 64,933,145	$ (66,517,255)
Ending Balance, Shares at Dec. 31, 2013		24,565,447
Stock-based compensation	6,280,629	$ 381	6,280,248
Stock-based compensation, Shares		379,901
Proceeds from the sale of common stock, net of offering costs	15,435,305	$ 2,380	15,432,925
Proceeds from the sale of common stock, net of offering costs, Shares		2,379,433
Issuance of common stock from exercise of options	275,153	$ 310	274,843
Issuance of common stock from exercise of options, Shares		310,400
Issuance of common stock from exercise of warrants	159,994	$ 2,336	157,658
Issuance of common stock from exercise of warrants, Shares		2,336,658
Direct costs incurred before shares are issued	(30,000)		(30,000)
Transfer of warrant derivatives from liability to equity classification	2,203,443		2,203,443
Net loss	(24,687,509)			$ (24,687,509)
Ending Balance at Dec. 31, 2014	(1,922,530)	$ 29,972	89,252,262	$ (91,204,764)
Ending Balance, Shares at Dec. 31, 2014		29,971,839
Stock-based compensation	7,061,622	$ 345	7,061,277
Stock-based compensation, Shares		344,784
Proceeds from the sale of common stock, net of offering costs	37,637,959	$ 11,994	37,625,965
Proceeds from the sale of common stock, net of offering costs, Shares		11,993,641
Issuance of common stock from exercise of options	15,680	$ 20	15,660
Issuance of common stock from exercise of options, Shares		20,000
Issuance of common stock from exercise of warrants	157,940	$ 1,736	156,204
Issuance of common stock from exercise of warrants, Shares		1,736,277
Transfer of warrant derivatives from liability to equity classification	48,691		48,691
Net loss	(21,025,314)			$ (21,025,314)
Ending Balance at Dec. 31, 2015	$ 21,974,048	$ 44,067	$ 134,160,059	$ (112,230,078)
Ending Balance, Shares at Dec. 31, 2015		44,066,541