v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 694,752 $ 4,048,131
Restricted cash 66,510 66,510
Accounts receivable 42,500 3,000,000
Prepaid expenses and other 1,245,252 1,224,009
Total current assets 2,049,014 8,338,650
Property and equipment, net 32,293 42,366
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 31,831 66,342
Total assets 14,639,645 20,973,865
Current liabilities:    
Accounts payable 1,026,728 1,006,903
Accrued expenses 1,113,446 838,888
Deferred revenue and other current liabilities 21,071 20,205
Total current liabilities 2,161,245 1,865,996
Deferred tax liability 2,918,518 2,918,518
Other liabilities 4,980 19,876
Total liabilities 5,084,743 4,804,390
Commitments and contingent liabilities (Note 10)
Stockholders' equity:    
Common stock, $0.001 par value; 45,454,546 shares authorized as of September 30, 2017 and December 31, 2016; 9,041,426 and 8,731,029 shares issued as of September 30, 2017 and December 31, 2016, respectively; 8,717,541 and 8,407,144 shares outstanding as of September 30, 2017 and December 31, 2016, respectively 9,040 8,730
Additional paid in capital 164,948,674 163,522,921
Accumulated deficit (150,378,456) (142,338,005)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 9,554,902 16,169,475
Total liabilities and stockholders' equity 14,639,645 20,973,865
Series A [Member]    
Stockholders' equity:    
Preferred Stock 970 970
Series B [Member]    
Stockholders' equity:    
Preferred Stock $ 2,120 $ 2,305

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue        
Collaboration services $ 85,000 $ 0 $ 85,000 $ 0
Total revenues 85,000 0 85,000 0
Operating costs and expenses:        
Cost of research and development revenue (97,028) 0 (156,119) 0
Research and development (884,797) (891,828) (2,979,778) (3,526,322)
In-process research and development expense 0 0 0 (39,500,000)
General and administrative (1,343,671) (1,359,801) (4,948,675) (4,339,844)
Loss from operations (2,240,496) (2,251,629) (7,999,572) (47,366,166)
Other non-operating income (expense):        
Change in fair value of derviative liability 0 241,298 0 2,146,587
Loss on issuance of hybrid debt instrument 0 (106,566) 0 (1,690,787)
Loss on conversion of debt 0 0 0 (6,187,337)
Other income (expense) (14,979) (13,440) (49,611) (26,991)
Interest income 0 4 10,201 31
Interest expense (425) (341,648) (1,469) (690,118)
Total other non-operating expense (15,404) (220,352) (40,879) (6,448,612)
Net loss $ (2,255,900) $ (2,471,981) $ (8,040,451) $ (53,814,778)
Basic and diluted loss per share $ (0.26) $ (0.28) $ (0.93) $ (7.54)
Weighted-average shares of common stock outstanding, basic and diluted 8,717,541 8,987,145 8,648,314 7,134,352

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,040,451) $ (53,814,778)
Adjustments to reconcile net loss to net cash used in operating activities:    
In-process research and development expense 0 39,500,000
Depreciation 19,337 27,246
Amortization of hybrid debt instrument discount 0 519,099
Non-cash interest expense   168,751
Share-based payments 1,512,310 1,518,344
Warrant-based expense for services (118,236) 1,116,852
Vendor share-based payments 97,781 0
Change in fair value of derivative liability 0 (2,146,587)
Loss on issuance of hybrid debt instruments 0 1,690,787
Hybrid debt instrument issuance costs 0 (12,093)
Loss on conversion of debt 0 6,187,337
Other non-cash transactions 0 40,611
Changes in operating assets and liabilities:    
Accounts receivable 2,957,500 0
Prepaid expenses and other assets 13,268 43,682
Accounts payable, accrued expenses and other liabilities 214,376 997,500
Net cash used in operating activities (3,344,115) (4,163,249)
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 4,500,000
Payments on loan from related party 0 (242,471)
Net cash provided by financing activities 0 4,257,529
Net change in cash, excluding restricted cash (3,353,379) 79,667
Cash at beginning of period 4,048,131 132,229
Cash at end of period 694,752 211,896
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 1,551 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 2,107,835
Recording of derivative liability in connection with debt 0 4,120,359
Common stock exchanged for Series A convertible preferred stock 0 970
Issuance of common stock for goods and services 0 993,667
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