v3.22.1
Unaudited Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities:    
Net loss $ (19,795) $ (14,957)
Adjustments to reconcile net loss to net cash used in operating activities:    
Issuance of common shares - Equity fee on at-the-market offering to Fortress Biotech 73 1,198
Issuance of common shares - Equity fee on note payable to Fortress Biotech 750 0
Stock-based compensation expenses 664 996
Depreciation expense 640 462
Amortization of debt discount 19 0
Amortization of operating lease right-of-use assets 39 28
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 209 129
Other receivables - related party 18 (2)
Accounts payable and accrued expenses 1,091 (3,218)
Payable and accrued expenses - related party 88 (147)
Lease liabilities (85) (69)
Net cash used in operating activities (16,289) (15,580)
Cash Flows from Investing Activities:    
Purchase of fixed assets (1,334) (458)
Net cash used in investing activities (1,334) (458)
Cash Flows from Financing Activities:    
Proceeds from issuance of common shares - at-the-market offering 2,788 48,379
Offering costs for the issuance of common shares - at-the-market offering (49) (932)
Proceeds from debt issuance 30,000 0
Fees paid on the issuance of debt (2,634) 0
Proceeds from issuance of common shares under ESPP 116 158
Net cash provided by financing activities 30,221 47,605
Net change in cash, cash equivalents and restricted cash 12,598 31,567
Cash, cash equivalents and restricted cash, beginning of the period 110,618 98,804
Cash, cash equivalents and restricted cash, end of the period 123,216 130,371
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 0
Supplemental disclosure of noncash investing and financing activities:    
Fixed assets (acquired but not paid) 35 545
Issuance of common shares - Founders Agreement 4,212 7,577
Debt issuance fees (incurred but not paid) 1,065 0
Issuance of warrants - note payable $ 384 $ 0

Source