Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net loss $ (46,389) $ (30,662)
Accretion of debt discount 710 0
Issuance of common shares - Equity fee on At-the-Market Offering to Fortress Biotech 495 0
Issuance of common shares - Equity fee on Public Offering to Fortress Biotech 791 0
Issuance of common shares - Equity fee on Horizon Notes to Fortress Biotech 375 0
Common shares issuable for Founders Agreement 4,923 2,085
Research and development - licenses acquired 1,350 1,275
Stock-based compensation expenses 2,664 4,960
Depreciation expense 1,258 630
Amortization of operating lease right-of-use assets 110 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (558) (757)
Interest receivables 0 (35)
Other receivables - related party (19) 0
Accounts payable and accrued expenses 296 2,470
Payable and accrued expenses - related party 360 99
Deferred rent 0 691
Lease liabilities 53 0
Net cash used in operating activities (33,581) (19,244)
Cash Flows from Investing Activities:    
Purchase of short-term investment (certificates of deposit) 0 (52,500)
Maturity of certificate of deposit 17,604 61,002
Purchase of research and development licenses (1,350) (1,075)
Purchase of fixed assets (2,345) (6,870)
Net cash provided by investing activities 13,909 557
Cash Flows from Financing Activities:    
Proceeds from Horizon Notes 15,000 0
Debt issuance costs (1,393) 0
Proceeds from exercise of warrants 0 181
Proceeds from issuance of common shares - At-the-Market Offering 22,515 0
Offering costs for the issuance of common shares - At-the-Market Offering (543) 0
Proceeds from issuance of common shares - Public Offering 31,625 0
Offering costs for the issuance of common shares - Public Offering (2,088) 0
Net cash provided by financing activities 65,116 181
Net change in cash, cash equivalents and restricted cash 45,444 (18,506)
Cash, cash equivalents and restricted cash, beginning of the period 16,969 35,475
Cash, cash equivalents and restricted cash, end of the period 62,413 16,969
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,057 0
Supplemental disclosure of noncash investing and financing activities:    
Fixed assets (acquired but not paid) 187 196
Issuance of common shares - Founders Agreement 2,085 9,558
Research and development licenses included in accounts payable and accrued expenses 0 200
Issuance of warrants - Horizon Notes $ 888 $ 0