Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flows From Operating Activities:    
Net loss $ (10,538,598) $ (13,184,402)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,174,221 3,141,144
Depreciation expense 26,589 9,457
Loss (gain) on change in fair value of derivative (4,738,710) 4,621,360
(Increase) decrease in:    
Prepaid expenses and other current assets 442,338 (424,449)
Increase (decrease) in:    
Accounts payable and accrued expenses (1,256,728) 666,466
Accounts payable and accrued expenses - related parties (189,357) 108,352
Net Cash Used In Operating Activities (11,080,245) (5,062,072)
Cash Flows From Investing Activities:    
Purchase of property and equipment (959) (128,439)
Net Cash Used In Investing Activities (959) (128,439)
Cash Flows From Financing Activities:    
Payments on note payable (191,285) (102,855)
Sales of common stock, net of offering costs 30,475,013 $ 14,328,725
Proceeds from exercise of options 15,680  
Proceeds from the exercise of warrants 27,050 $ 102,088
Net Cash Provided By Financing Activities 30,326,458 14,327,958
Net change in cash 19,245,254 9,137,447
Cash and cash equivalents at beginning of period 6,706,802 5,533,366
Cash and cash equivalents at end of period 25,952,056 $ 14,670,813
Supplemental disclosures of cash flow information:    
Cash paid for interest $ 7,280  
Cash paid for income taxes    
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of warrants issued with stock $ 4,738,710  
Conversion of notes payable and accrued interest to stock   $ 1,501,988
Transfer warrant derivatives from liability to equity classification $ 48,691 $ 30,000