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
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities:    
Net loss $ (29,316) $ (26,455)
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 1,586 202
Issuance of common shares - Equity fee on Public Offering to Fortress Biotech 0 932
Research and development - licenses acquired 1,000 1,550
Stock-based compensation expenses 1,543 1,762
Depreciation expense 934 798
Accretion of debt discount 0 529
Amortization of operating lease right-of-use assets 68 56
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 324 1,606
Other receivables - related party (17) (867)
Accounts payable and accrued expenses (3,414) 2,017
Payable and accrued expenses - related party (241) (105)
Lease liabilities (142) 255
Net cash used in operating activities (27,675) (17,720)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (750) (250)
Purchase of fixed assets (2,149) (1,090)
Net cash used in investing activities (2,899) (1,340)
Cash Flows from Financing Activities:    
Proceeds from issuance of common shares - At-the-Market Offering 63,773 8,023
Offering costs for the issuance of common shares - At-the-Market Offering (1,238) (180)
Proceeds from issuance of common shares - Public Offering 0 37,230
Offering costs for the issuance of common shares - Public Offering 0 (2,234)
Proceeds from issuance of common shares under ESPP 158 169
Net cash provided by financing activities 62,693 43,008
Net change in cash, cash equivalents and restricted cash 32,119 23,948
Cash, cash equivalents and restricted cash, beginning of the period 98,804 62,413
Cash, cash equivalents and restricted cash, end of the period 130,923 86,361
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 683
Supplemental disclosure of noncash investing and financing activities:    
Fixed assets (acquired but not paid) 298 127
Issuance of common shares - Founders Agreement 7,577 4,923
Research and development licenses included in accounts payable and accrued expenses 250 1,300
Lease liabilities arising from obtaining right-of-use assets 81 0
Offering costs for the issuance of common shares - Public Offering, in accounts payable and accrued expenses $ 0 $ 72