13. Subsequent Events

On July 24, 2015, the Company completed a $28.7 million underwritten public offering, in which it sold and issued 10,465,000 shares of common stock at a price of $2.75 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $26.8 million, exclusive of treasury shares.

The following selected pro forma balance sheet data is derived from our balance sheet as of June 30, 2015 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since June 30, 2015 and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of June 30, 2015 and related notes.

	Actual as of June 30, 2015 (unaudited)		Adjustments Related to July 2015 Equity Financing (unaudited)		Pro Forma as of June 30, 2015 (unaudited)
ASSETS

Current assets:
Cash and cash equivalents	$	38,833,736	$	26,752,025	$	65,585,761
Short-term investments		15,002,213		—		15,002,213
Prepaid and other current assets		6,165,528		—		6,165,528
Total current assets		60,001,477		26,752,025		86,753,502
Non-current assets		2,632,332		—		2,632,332
Total assets	$	62,633,809	$	26,752,025	$	89,385,834

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and other current liabilities	$	15,704,766		—	$	15,704,766
Warrant liability	$	4,566,515		—	$	4,566,515
Total current liabilities	$	20,271,281	$	—	$	20,271,281

Stockholders’ equity:

Common stock	$	55,927		$	10,465	$	66,392
Additional paid-in-capital		380,638,689			26,741,560		407,380,249
Treasury stock		(2,612,861	)		—		(2,612,861	)
Accumulated deficit		(335,719,227	)		—		(335,719,227	)
Total stockholders’ equity		42,362,528			26,752,025		69,114,553
Total liabilities and stockholders’ equity	$	62,633,809		$	26,752,025	$	89,385,834