Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ (14,957) $ (11,857)
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 1,198 125
Research and development - licenses acquired 0 250
Stock-based compensation expenses 996 805
Depreciation expense 462 373
Accretion of debt discount 0 259
Amortization of operating lease right-of-use assets 28 31
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 129 (246)
Other receivables - related party (2) 5
Accounts payable and accrued expenses (3,218) (163)
Payable and accrued expenses - related party (147) (50)
Lease liabilities (69) 316
Net cash used in operating activities (15,580) (10,152)
Cash Flows from Investing Activities:    
Purchase of fixed assets (458) (526)
Net cash (used in) provided by investing activities (458) (526)
Cash Flows from Financing Activities:    
Proceeds from issuance of common shares - At-the-Market Offering 48,379 4,997
Offering costs for the issuance of common shares - At-the-Market Offering (932) (87)
Proceeds from issuance of common shares under ESPP 158 169
Net cash provided by financing activities 47,605 5,079
Net change in cash, cash equivalents and restricted cash 31,567 (5,599)
Cash, cash equivalents and restricted cash, beginning of the period 98,804 62,413
Cash, cash equivalents and restricted cash, end of the period 130,371 56,814
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 341
Supplemental disclosure of noncash investing and financing activities:    
Fixed assets (acquired but not paid) 545 540
Issuance of common shares - Founders Agreement 7,577 4,923
Research and development licenses included in accounts payable and accrued expenses $ 0 $ 250