Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenues    
License revenues $ 602,000 $ 602,000
Royalties 287,000 438,000
Total revenues 889,000 1,040,000
Expenses    
Research and development 10,655,000 4,715,000
General and administrative 13,290,000 14,320,000
Depreciation and amortization 825,000 551,000
Total expenses 24,770,000 19,586,000
Loss from operations (23,881,000) (18,546,000)
Interest and miscellaneous income 2,014,000 4,026,000
Interest and other expense (6,000) (6,000)
Total non operating income (expense) 2,008,000 4,020,000
Net loss $ (21,873,000) $ (14,526,000)
Basic and diluted loss per common share (in dollars per share) $ (0.64) $ (0.53)
Weighted average number of common shares outstanding (in shares) 34,180,253 27,597,434