Our operating activities used cash of $13.07 milli
Post# of 72446
Posted On: 09/11/2015 5:53:12 PM
Our operating activities used cash of $13.07 million, $7.51 million and $1.91 million in 2015, 2014 and 2013, respectively. The use of cash in these periods principally resulted from our losses from operations, as adjusted for non-cash charges for stock-based compensation and depreciation, and changes in our working capital accounts.
In 2015, our investing activities used cash of $0.46 million, including the purchases of property and equipment of $ 0.01 million and patents of $0.45 million. In 2014, our investing activities used cash of $2.65 million, including the purchases of property and equipment of $ 0.05 million and patents of $2.60 million. In 2013, our investing activities used cash of $0.01 million, including the purchases of patents of $0.01 million.
Our financing activities provided cash of $16.95 million, $12.19 million and $4.84 million in 2015, 2014 and 2013, respectively.
In 2015, we raised approximately $16.95 million in net cash proceeds, including $16.10 million in net proceeds from the sale of 6.49 million shares of our common stock and $0.85 million from the exercise of stock options and warrants.
In 2014, we raised approximately $12.19 million in net cash proceeds, including $9.77 million in net proceeds from the sale of 5.70 million shares of our common stock to Aspire and $2.70 million from the exercise of warrants, offset by payment of settlement liabilities of $0.28 million.
In 2013, we raised approximately $4.84 million in net cash proceeds, including $4.38 million in net proceeds from the sale of 2.71 million shares of our common stock to Aspire, $0.3 million from the sales of preferred stock and $0.46 million from the exercise of common stock options, offset by payment of settlement liabilities of $0.3 million.
Requirement for Additional Working Capital
The Company plans to incur expenses of approximately $17.7 million over the next twelve months, including approximately $11.0 million for clinical trials. The Company has limited experience with pharmaceutical drug development. As such, the budget estimate may not be accurate. In addition, the actual work to be performed is not known at this time, other than a broad outline, as is normal with any scientific work. As further work is performed, additional work may become necessary or change in plans or workload may occur. Such changes may have an adverse impact on our estimated budget and on our projected timeline of drug development.
The Company will be unable to proceed with its full planned drug development programs, meet its administrative expense requirements, capital costs, or staffing costs without accessing approximately $5 million (as per current management’s budgets) of our remaining financing available with Aspire Capital. Management believes that the amounts available from Aspire and under the Company’s effective shelf registration statement will be sufficient to fund the Company’s operations for the next 12 months.
Outstanding shares as of June 30, 2015 = 117,763,508.
In 2015, our investing activities used cash of $0.46 million, including the purchases of property and equipment of $ 0.01 million and patents of $0.45 million. In 2014, our investing activities used cash of $2.65 million, including the purchases of property and equipment of $ 0.05 million and patents of $2.60 million. In 2013, our investing activities used cash of $0.01 million, including the purchases of patents of $0.01 million.
Our financing activities provided cash of $16.95 million, $12.19 million and $4.84 million in 2015, 2014 and 2013, respectively.
In 2015, we raised approximately $16.95 million in net cash proceeds, including $16.10 million in net proceeds from the sale of 6.49 million shares of our common stock and $0.85 million from the exercise of stock options and warrants.
In 2014, we raised approximately $12.19 million in net cash proceeds, including $9.77 million in net proceeds from the sale of 5.70 million shares of our common stock to Aspire and $2.70 million from the exercise of warrants, offset by payment of settlement liabilities of $0.28 million.
In 2013, we raised approximately $4.84 million in net cash proceeds, including $4.38 million in net proceeds from the sale of 2.71 million shares of our common stock to Aspire, $0.3 million from the sales of preferred stock and $0.46 million from the exercise of common stock options, offset by payment of settlement liabilities of $0.3 million.
Requirement for Additional Working Capital
The Company plans to incur expenses of approximately $17.7 million over the next twelve months, including approximately $11.0 million for clinical trials. The Company has limited experience with pharmaceutical drug development. As such, the budget estimate may not be accurate. In addition, the actual work to be performed is not known at this time, other than a broad outline, as is normal with any scientific work. As further work is performed, additional work may become necessary or change in plans or workload may occur. Such changes may have an adverse impact on our estimated budget and on our projected timeline of drug development.
The Company will be unable to proceed with its full planned drug development programs, meet its administrative expense requirements, capital costs, or staffing costs without accessing approximately $5 million (as per current management’s budgets) of our remaining financing available with Aspire Capital. Management believes that the amounts available from Aspire and under the Company’s effective shelf registration statement will be sufficient to fund the Company’s operations for the next 12 months.
Outstanding shares as of June 30, 2015 = 117,763,508.
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