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Financials

v3.7.0.1
Condensed Balance Sheets - USD ($)
Jan. 31, 2017
Oct. 31, 2016
Current Assets:    
Cash and Cash Equivalents $ 57,566,606 $ 112,750,980
Investments - Held-to-Maturity 79,295,379 39,336,548
Interest Receivable 180,964 80,142
Prepaid Expenses 577,770 812,830
Income Tax Receivable 2,549,862
Deferred Expenses - current 4,435,025 4,291,385
Other Current Assets 132,797 53,451
Total Current Assets 142,188,541 159,875,198
Property and Equipment (net of accumulated depreciation) 5,242,857 4,389,074
Intangible Assets (net of accumulated amortization) 4,336,143 4,329,121
Other Assets 426,287 450,667
TOTAL ASSETS 152,193,828 169,044,060
Current Liabilities:    
Accounts Payable 3,534,440 1,720,428
Accrued Expenses 7,676,443 10,905,003
Deferred Revenue 14,047,906 15,020,576
Lease Incentive Obligation 40,226 40,226
Common Stock Warrant Liability 10,652 20,156
Total Current Liabilities 25,309,667 27,706,389
Deferred Rent 534,160 475,749
Deferred Revenue 18,666,396 21,234,568
Lease Incentive Obligation- net of current portion 315,104 325,160
Total Liabilities 44,825,327 49,741,866
Commitments and Contingencies
Shareholders' Equity:    
Preferred Stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at January 31, 2017 and October 31, 2016. Liquidation preference of $0 at January 31, 2017 and October 31, 2016.
Common Stock - $0.001 par value; 65,000,000 shares authorized, 40,186,693 shares issued and outstanding at January 31, 2017 and 40,057,067 shares issued and 40,041,047 shares outstanding at October 31, 2016. 40,187 40,057
Additional Paid-In Capital 332,116,142 327,098,749
Treasury Stock, at cost, 0 shares at January 31, 2017 and 16,020 shares October 31, 2016 (129,787)
Accumulated Deficit (224,787,828) (207,706,825)
Total Shareholders' Equity 107,368,501 119,302,194
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 152,193,828 $ 169,044,060

Source

v3.7.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Income Statement [Abstract]    
Revenue $ 3,790,842 $ 250,000
Operating Expenses    
Research and Development Expenses 13,648,554 13,064,954
General and Administrative Expenses 7,327,809 7,136,823
Total Operating Expenses 20,976,363 20,201,777
Loss from Operations (17,185,521) (19,951,777)
Other Income (Expense):    
Interest Income 145,137 71,800
Net Changes in Fair Value of Derivative Liabilities 9,504 49,282
Other Income (Expense), Net (123) (4)
Loss before benefit for income taxes (17,031,003) (19,830,699)
Income Tax Expense 50,000 14,236
Net Loss $ (17,081,003) $ (19,844,935)
Net Loss Per Share, Basic and Diluted $ (0.43) $ (0.59)
Weighted Average Number of Shares Outstanding, Basic and Diluted 40,115,178 33,684,715

Source

v3.7.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jan. 31, 2017
Jan. 31, 2016
OPERATING ACTIVITIES    
Net loss $ (17,081,003) $ (19,844,935)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock compensation 5,110,425 9,529,008
(Gain) on change in fair value of derivative liabilities (9,504) (49,282)
Employee stock purchase plan 67,923 9,673
Depreciation expense 157,580 46,034
Amortization of intangible assets 74,410 57,946
Deferred rent 58,411 11,182
Lease incentive obligation (10,056)
Amortization of premium on held to maturity investments 44,005 82,491
Change in operating assets and liabilities:    
Interest receivable (100,822) (7,008)
Prepaid expenses 235,060 132,075
Income tax receivable 2,549,862 1,609,349
Other current assets (79,346) (135,823)
Deferred expenses (143,640) 569,284
Other assets 24,380 (152,375)
Accounts payable and accrued expenses (1,454,011) 3,250,088
Deferred revenue (3,540,842)
Net cash used in operating activities (14,097,168) (4,892,293)
INVESTING ACTIVITIES    
Purchases of held to maturity investments (46,525,169) (5,068,339)
Proceeds from maturities and redemptions on held to maturity investments 6,522,333 2,450,000
Purchase of property and equipment (1,127,000) (445,197)
Cost of intangible assets (81,432) (170,391)
Net cash used in investing activities (41,211,268) (3,233,927)
FINANCING ACTIVITIES    
Proceeds from exercise of warrants 614,368
Taxes paid related to net share settlement of equity awards (9,810) (17,709)
Employee tax withholdings paid on equity awards (204,614) (698,398)
Tax shares sold to pay for employee tax withholdings on equity awards 338,486 336,754
Net cash provided by financing activities 124,062 235,015
Net decrease in cash and cash equivalents (55,184,374) (7,891,205)
Cash and cash equivalents at beginning of period 112,750,980 66,561,683
Cash and cash equivalents at end of period 57,566,606 58,670,478
Supplemental Disclosures of Cash Flow Information    
Cash paid for taxes 50,000 50,000
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Accrued expenses from consultants settled with Common Stock 75,000 55,000
Sale of treasury shares pending settlement 2,144
Property and equipment included in accounts payable and accrued expenses $ 115,637

Source