Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
COSTS AND EXPENSES:    
Research and development $ 5,964,453us-gaap_ResearchAndDevelopmentExpense $ 6,860,163us-gaap_ResearchAndDevelopmentExpense
General and administrative 3,704,676us-gaap_GeneralAndAdministrativeExpense 4,444,767us-gaap_GeneralAndAdministrativeExpense
Restructuring costs 221,816us-gaap_RestructuringCosts 1,096,874us-gaap_RestructuringCosts
Total costs and expenses 9,890,945us-gaap_CostsAndExpenses 12,401,804us-gaap_CostsAndExpenses
LOSS FROM OPERATIONS (9,890,945)us-gaap_OperatingIncomeLoss (12,401,804)us-gaap_OperatingIncomeLoss
OTHER INCOME (EXPENSE):    
Gain on revaluation of derivative warrants 2,230,864us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet 2,373,941us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
Loss on issuance of derivative warrants 0us-gaap_DerivativeGainLossOnDerivativeNet (744,957)us-gaap_DerivativeGainLossOnDerivativeNet
Interest expense, net (446,314)us-gaap_InterestIncomeExpenseNonoperatingNet (9,348)us-gaap_InterestIncomeExpenseNonoperatingNet
Total other income, net 1,784,550us-gaap_NonoperatingIncomeExpense 1,619,636us-gaap_NonoperatingIncomeExpense
NET LOSS $ (8,106,395)us-gaap_NetIncomeLoss $ (10,782,168)us-gaap_NetIncomeLoss
BASIC AND DILUTED NET LOSS PER COMMON SHARE $ (1.77)us-gaap_EarningsPerShareBasicAndDiluted $ (3.86)us-gaap_EarningsPerShareBasicAndDiluted
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER COMMON SHARE 4,592,657us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 2,794,557us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted