v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 2,331,950 $ 4,048,131
Restricted cash 66,510 66,510
Accounts receivable 0 3,000,000
Prepaid expenses and other 1,432,512 1,224,009
Total current assets 3,830,972 8,338,650
Property and equipment, net 37,610 42,366
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 43,380 66,342
Total assets 16,438,469 20,973,865
Current liabilities:    
Accounts payable 1,013,316 1,006,903
Accrued expenses 920,313 838,888
Deferred revenue and other current liabilities 67,495 20,205
Total current liabilities 2,001,124 1,865,996
Deferred tax liability 2,918,518 2,918,518
Other liabilities 10,016 19,876
Total liabilities 4,929,658 4,804,390
Commitments and contingent liabilities (Note 10)
Stockholders' equity:    
Common stock 9,040 8,730
Additional paid in capital 164,646,683 163,522,921
Accumulated deficit (148,122,556) (142,338,005)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 11,508,811 16,169,475
Total liabilities and stockholders' equity 16,438,469 20,973,865
Series A [Member]    
Stockholders' equity:    
Preferred Stock 970 970
Series B [Member]    
Stockholders' equity:    
Preferred Stock $ 2,120 $ 2,305

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v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Operating costs and expenses:        
Cost of research and development revenue $ (59,091) $ 0 $ (59,091) $ 0
Research and development (873,837) (2,205,213) (2,094,981) (2,634,494)
In-process research and development expense 0 (39,500,000) 0 (39,500,000)
General and administrative (1,970,471) (1,557,677) (3,605,004) (2,980,043)
Loss from operations (2,903,399) (43,262,890) (5,759,076) (45,114,537)
Other non-operating income (expense):        
Change in fair value of derviative liability 0 1,769,275 0 1,905,289
Loss on issuance of hybrid debt instrument 0 0 0 (1,584,218)
Loss on conversion of debt 0 (6,187,337) 0 (6,187,337)
Other income (expense) (25,276) 12,863 (34,632) (13,551)
Interest income 10,201 13 10,201 27
Interest expense (456) (103,086) (1,044) (348,470)
Total other non-operating expense (15,531) (4,508,272) (25,475) (6,228,260)
Net loss $ (2,918,930) $ (47,771,162) $ (5,784,551) $ (51,342,797)
Basic and diluted loss per share $ (0.34) $ (6.12) $ (0.67) $ (8.28)
Weighted-average shares of common stock outstanding, basic and diluted 8,706,387 7,804,187 8,613,127 6,197,776

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,784,551) $ (51,342,797)
Adjustments to reconcile net loss to net cash used in operating activities:    
In-process research and development expense 0 39,500,000
Depreciation 14,020 18,164
Amortization of hybrid debt instrument discount 0 204,003
Non-cash interest expense 0 142,929
Share-based payments 1,225,490 791,831
Warrant expense for services (95,906) 1,118,642
Vendor share-based payments 60,280 107,790
Change in fair value of derivative liability 0 (1,905,289)
Loss on issuance of hybrid debt instruments 0 1,584,218
Loss on conversion of debt 0 6,187,337
Changes in operating assets and liabilities:    
Accounts receivable 3,000,000 0
Prepaid expenses and other assets (185,541) 36,990
Accounts payable, accrued expenses and other liabilities 59,291 421,823
Net cash used in operating activities (1,706,917) (3,134,359)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (9,264) (14,613)
Net cash used in investing activities (9,264) (14,613)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of debt 0 3,500,000
Payments on loan from related party 0 (242,471)
Net cash provided by financing activities 0 3,257,529
Net change in cash, excluding restricted cash (1,716,181) 108,557
Cash at beginning of period 4,048,131 132,229
Cash at end of period 2,331,950 240,786
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 1,100 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Convertible debt paid in common stock 0 6,500,000
Interest paid in common stock 0 227,829
Issuance of warrants in connection with debt 0 1,701,214
Recording of derivative liability in connection with debt 0 3,346,423
Reclassification of common shares issuable to accounts payable 65,977 0
Conversion of Series B preferred stock to common stock 185 0
Issuance of common stock for promissory note converted in 2016 $ 125 $ 0

Source