Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (27,319,000) $ (21,873,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 741,000 825,000
Stock option compensation expense 4,644,000 4,829,000
Restricted common stock issued to directors and employees 1,272,000 3,432,000
Net gain on write off of licensed technology (127,000) 0
Change in operating assets and liabilities:    
Receivables 17,000 (9,000)
Prepaid expenses and other current assets (2,580,000) 160,000
Other assets and restricted cash (291,000) (4,000)
Accounts payable and accrued expenses (1,301,000) 2,819,000
Contingent consideration milestone 0 (2,591,000)
Deferred revenue 2,009,000 (602,000)
Net cash used in operating activities (22,935,000) (13,014,000)
Cash flows from investing activities:    
Capital expenditures (860,000) (519,000)
Net cash used in by investing activities (860,000) (519,000)
Cash flows from financing activities:    
Proceeds from exercise of stock options 344,000 350,000
Proceeds from $2.85 restricted common stock issuance 0 150,000
Net cash provided by financing activities 92,403,000 42,537,000
Net increase in cash and cash equivalents 68,608,000 29,004,000
Cash and cash equivalents at beginning of year 69,142,000 40,138,000
Cash and cash equivalents at end of year 137,750,000 69,142,000
Supplemental cash flow information:    
Cash paid for interest 8,000 6,000
Supplemental disclosure of noncash transactions    
Write off of licensed asset and corresponding liability 4,000,000 0
Shares issued to EB Research Partnership and Epidermolysis 0 0
Bullosa Medical Research Foundation for licenses 0 2,452,000
Private Placement One [Member]    
Cash flows from financing activities:    
Proceeds From Issuance Of Common Stock 86,174,000 0
Private Placement Two [Member]    
Cash flows from financing activities:    
Proceeds From Issuance Of Common Stock 0 41,068,000
Private Placement Three [Member]    
Cash flows from financing activities:    
Proceeds From Issuance Of Common Stock 0 969,000
Dollar Eight Warrant [Member]    
Cash flows from financing activities:    
Proceeds from Warrant Exercises 5,000,000 0
Dollar Five Warrant [Member]    
Cash flows from financing activities:    
Proceeds from Warrant Exercises $ 885,000 $ 0