Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and cash equivalents $ 8,649,127 $ 12,518,980
Short-term investments 15,032,419 15,007,478
Trade and other receivables 18,818 225,524
Deferred financing fees, current portion 121,202 135,694
Prepaid expenses 904,222 274,106
Total current assets 24,725,788 28,161,782
Property and equipment, net 342,969 301,265
Patents, net 1,205,456 1,233,172
Deferred financing fees, net of current portion 40,830 89,143
Other assets 57,259 58,713
Total assets 26,372,302 29,844,075
CURRENT LIABILITIES    
Accounts payable and accrued expenses 2,099,952 2,504,978
Accrued bonuses 490,749 646,960
Current portion of long-term debt, net of discount 3,170,469 730,012
Other current liabilities 148,536 126,745
Total current liabilities 5,909,706 4,008,695
Long-term debt, net of discount and current portion 5,812,322 8,056,470
Other long-term liabilities 110,848 59,574
Total liabilities $ 11,832,876 $ 12,124,739
Commitments and contingencies (Note 6)    
STOCKHOLDERS' EQUITY    
Preferred stock, 7,000,000 shares authorized, zero shares issued and outstanding $ 0 $ 0
Common stock, $0.01 par value; 300 million shares authorized, 90,359,761 and 87,789,679 shares outstanding in 2015 and 2014, respectively 903,598 877,897
Additional paid-in capital 175,185,796 167,890,220
Accumulated other comprehensive income 5,995 6,000
Accumulated deficit (161,555,963) (151,054,781)
Total stockholders' equity 14,539,426 17,719,336
Total liabilities and stockholders' equity $ 26,372,302 $ 29,844,075