­

Financials

v3.7.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Apr. 30, 2017
Oct. 31, 2016
Current Assets:    
Cash and Cash Equivalents $ 30,024,063 $ 112,750,980
Investments - Held-to-Maturity 85,300,215 39,336,548
Interest Receivable 192,298 80,142
Prepaid Expenses 1,035,408 812,830
Income Tax Receivable 2,549,862
Deferred Expenses 5,135,335 4,291,385
Other Receivable 3,000,000
Due from Broker 1,534,365 2,046
Other Current Assets 51,405
Total Current Assets 126,221,684 159,875,198
Property and Equipment (net of accumulated depreciation) 6,566,061 4,389,074
Intangible Assets (net of accumulated amortization) 4,694,269 4,329,121
Deferred Expenses- net of current portion 59,487
Other Assets 353,147 450,667
TOTAL ASSETS 137,894,648 169,044,060
Current Liabilities:    
Accounts Payable 9,698,723 1,720,428
Accrued Expenses 6,092,227 10,905,003
Deferred Revenue 14,047,906 15,020,576
Lease Incentive Obligation 40,226 40,226
Common Stock Warrant Liability 20,156
Total Current Liabilities 29,879,082 27,706,389
Deferred Rent 590,093 475,749
Deferred Revenue- net of current portion 15,241,016 21,234,568
Lease Incentive Obligation- net of current portion 305,047 325,160
Total Liabilities 46,015,238 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 April 30, 2017 and October 31, 2016. Liquidation preference of $0 at April 30, 2017 and October 31, 2016.  
Common Stock - $0.001 par value; 65,000,000 shares authorized, 40,396,519 shares issued and outstanding at April 30, 2017 and 40,057,067 shares issued and 40,041,047 shares outstanding at October 31, 2016. 40,397 40,057
Additional Paid-In Capital 337,094,496 327,098,749
Treasury Stock, at cost, 0 shares at April 30, 2017 and 16,020 shares at October 31, 2016. (129,787)
Accumulated Deficit (245,255,483) (207,706,825)
Total Shareholders' Equity 91,879,410 119,302,194
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 137,894,648 $ 169,044,060

Source

v3.7.0.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2017
Apr. 30, 2016
Apr. 30, 2017
Apr. 30, 2016
Income Statement [Abstract]        
Revenue $ 3,425,380 $ 7,216,222 $ 250,000
Operating Expenses:        
Research and Development Expenses 16,308,736 8,758,410 29,957,290 21,823,364
General and Administrative Expenses 7,779,698 6,834,824 15,107,507 13,971,647
Total Operating Expenses 24,088,434 15,593,234 45,064,797 35,795,011
Loss from Operations (20,663,054) (15,593,234) (37,848,575) (35,545,011)
Other Income (Expense):        
Interest Income 184,747 70,389 329,884 142,189
Net Changes in Fair Value of Derivative Liabilities 10,652 592 20,156 49,874
Other Income (Expense), Net (197) (123) (201)
Net Loss Before Benefit for Income Taxes (20,467,655) (15,522,450) (37,498,658) (35,353,149)
Income Tax Expense 50,000 14,236
Net Loss $ (20,467,655) $ (15,522,450) $ (37,548,658) $ (35,367,385)
Net Loss Per Share, Basic and Diluted $ (0.51) $ (0.45) $ (0.93) $ (1.04)
Weighted Average Number of Shares Outstanding, Basic and Diluted 40,295,941 34,131,259 40,204,062 33,906,400

Source

v3.7.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Apr. 30, 2017
Apr. 30, 2016
OPERATING ACTIVITIES    
Net loss $ (37,548,658) $ (35,367,385)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock compensation 10,324,150 14,361,583
Gain on change in value of warrants and embedded derivative (20,156) (49,874)
Loss on disposal of property and equipment 3,187
Impairment of intangible assets 89,881
Employee stock purchase plan 135,202 17,257
Depreciation expense 337,403 95,124
Amortization expense of intangible assets 152,155 118,744
Lease incentive obligation (20,113)
Amortization of premium on held-to-maturity investments 99,523 164,284
Deferred rent 114,344 175,763
Change in operating assets and liabilities:    
Interest receivable (112,156) (19,277)
Prepaid expenses (222,578) (313,950)
Income tax receivable 2,549,862 1,609,349
Other receivable (3,000,000)
Other current assets 51,405
Deferred expenses (903,437) (2,390,748)
Due from broker (1,532,319) 7,616
Other assets 97,520 (186,019)
Accounts payable and accrued expenses 2,818,357 5,018,726
Deferred revenue (6,966,222)
Net cash used in operating activities (33,552,650) (16,758,807)
INVESTING ACTIVITIES    
Purchases of held-to-maturity investments (67,215,523) (7,651,121)
Proceeds from maturities and redemptions on held-to-maturity investments 21,152,333 3,430,000
Purchase of property and equipment (2,342,515) (739,275)
Cost of intangible assets (607,184) (456,437)
Net cash used in investing activities (49,012,889) (5,416,833)
FINANCING ACTIVITIES    
Proceeds from exercise of warrants 614,368
Taxes paid related to net share settlement of equity awards (264,986) (34,025)
Employee tax withholdings paid on equity awards (523,513) (1,393,595)
Tax shares sold to pay for employee tax withholdings on equity awards 627,121 1,351,670
Net cash provided by Financing Activities (161,378) 538,418
Net decrease in cash and cash equivalents (82,726,917) (21,637,222)
Cash and cash equivalents at beginning of period 112,750,980 66,561,683
Cash and cash equivalents at end of period 30,024,063 44,924,461
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
Conversion of notes payable into common stock 29,549
Property and equipment included in accounts payable and accrued expenses $ 175,062

Source