Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 80 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Cash flows from operating activities:      
Net loss $ (591,858) $ (351,015) $ (8,589,623)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 0 0 1,909
Stock-based compensation costs 213,954 0 2,671,375
Stock-based research and development costs 0 982 465,034
Warrant extension costs 0 0 199,839
Changes in operating assets and liabilities:      
Funds on deposit with law firm 0 50,000 0
Grant receivable 0 116,485 0
Advances on research and development contract services (62) (12,450) (29,045)
Prepaid expenses and other current assets 12,625 12,375 (22,729)
Increase (decrease) in -      
Accounts payable and accrued expenses (22,126) 72,340 87,215
Liquidated damages payable under registration rights agreement 0 0 74,000
Research and development contract liabilities 138,504 35,070 213,192
Net cash used in operating activities (248,963) (76,213) (4,928,833)
Cash flows from investing activities:      
(Increase) decrease in money market funds 269,995 (47) (81,134)
Purchase of office equipment 0 0 (1,909)
Net cash provided by (used in) investing activities 269,995 (47) (83,043)
Cash flows from financing activities:      
Proceeds from exercise of stock options 33,333 0 38,333
Proceeds from sale of common stock to consulting firm 0 0 250
Proceeds from sale of common stock to founder 0 0 1,500
Proceeds from issuance of notes payable to consultant 0 0 200,000
Repayment of notes payable to consultant 0 0 (200,000)
Cash acquired in reverse merger transaction 0 0 62,500
Gross proceeds from sale of securities 0 0 5,331,389
Payment of private placement offering costs 0 0 (446,147)
Advances received from stockholder 0 0 92,717
Net cash provided by financing activities 33,333 0 5,080,542
Cash:      
Net increase (decrease) 54,365 (76,260) 68,666
Balance at beginning of period 14,301 119,091 0
Balance at end of period 68,666 42,831 68,666
Supplemental disclosures of cash flow information:      
Interest 0 0 2,469
Income taxes 0 0 0
Non-cash financing activities:      
Decrease in advances under equity financing 0 0 1,200,000
Aggregate exercise price of warrants and options exercised on a cashless basis $ 0 $ 0 $ 84,207