Financials

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Cash and cash equivalents $ 12,527,783 $ 5,916,006
Prepaid expenses 188,922 152,926
Other current assets 191,002 153,723
Total Current Assets 12,907,707 6,222,655
Property and equipment, net 725,056 783,805
Intangible assets, net 655,746 705,381
Total Assets 14,288,509 7,711,841
LIABILITIES    
Accounts payable and accrued liabilities 1,566,426 712,160
Management and directors' fees payable 104,151 71,893
Current portion of capital lease liability 85,201 81,338
Deferred grant income 225,148 219,360
Current portion of grant repayable 39,237 34,899
Total Current Liabilities 2,020,163 1,119,650
Capital lease liability, net of current portion 244,133 299,863
Grant repayable, net of current portion 215,697 248,009
Total Liabilities 2,479,993 1,667,522
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 23,608,719 shares and 18,763,272 shares, respectively 23,609 18,763
Additional paid-in capital 49,863,488 35,149,420
Accumulated other comprehensive loss (117,754) (84,171)
Accumulated Deficit (37,960,827) (29,039,693)
Total Stockholders' Equity 11,808,516 6,044,319
Total Liabilities and Stockholders' Equity $ 14,288,509 $ 7,711,841
v3.5.0.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Consolidated Statements Of Operations And Comprehensive Loss        
Revenue
Expenses        
General and administrative 163,870 141,354 558,120 511,558
Professional fees 463,340 352,599 1,447,029 1,141,129
Salaries and office administrative fees 857,093 611,162 1,692,129 1,252,105
Research and development 1,994,837 1,862,115 5,249,747 4,429,887
Total Operating Expenses 3,479,140 2,967,230 8,947,025 7,334,679
Net Operating Loss (3,479,140) (2,967,230) (8,947,025) (7,334,679)
Other Income        
Grants received 25,891 146,812
Gain on derivative re-measurement 339,744
Total Other Income 25,891 486,556
Provision for income taxes 4,604 4,604
Net Loss (3,479,140) (2,962,626) (8,921,134) (6,843,519)
Other Comprehensive Income/(Loss)        
Foreign currency translation adjustments 15,462 14,463 (33,583) 38,583
Total Other Comprehensive Income/(Loss) 15,462 14,463 (33,583) 38,583
Net Comprehensive Loss $ (3,463,678) $ (2,948,163) $ (8,954,717) $ (6,804,936)
Net Loss per Share - Basic and Diluted $ (0.15) $ (0.16) $ (0.40) $ (0.39)
Weighted Average Shares Outstanding - Basic and Diluted 23,524,982 18,042,087 22,075,538 17,504,026
v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net loss $ (8,921,134) $ (6,843,519)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 230,606 164,330
Loss on disposal of property & equipment 3,668
Stock based compensation 1,106,623 980,399
Loss on warrant re-measurement 105,995 23,364
Non-operating income - grants received (25,891) (146,812)
Gain on derivative re-measurement (339,744)
Changes in operating assets and liabilities:    
Prepaid expenses (35,283) (121,004)
Other current assets (36,456) (96,421)
Accounts payable and accrued liabilities 872,934 (101,318)
Net Cash Used In Operating Activities (6,698,938) (6,480,725)
Investing Activities    
Purchase of patents (55,000)
Purchases of property and equipment (89,433) (67,888)
Net Cash Used in Investing Activities (89,433) (122,888)
Financing Activities    
Net proceeds from issuance of common shares 13,506,295 11,335,921
Grants received 25,891 146,812
Grants repaid (36,135) (33,174)
Deferred grant income (335) 48,191
Capital lease funding (62,225) (203,051)
Net Cash Provided By Financing Activities 13,433,491 11,294,699
Effect of foreign exchange on cash (33,343) 21,476
Increase in Cash 6,611,777 4,712,562
Cash and cash equivalents - Beginning of Period 5,916,006 2,138,964
Cash and cash equivalents - End of Period 12,527,783 6,851,526
Supplemental Disclosures of Cash Flow    
Interest paid 9,159 4,863
Income tax paid
Non Cash Investing and Financing Activities:    
Common stock issued on cashless exercises of options 21
Reduction in derivative liability 1,237,896
Capital lease obligation for equipment purchases $ 329,334 $ 413,616
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