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, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:    
Net loss $ (77,525) $ (66,370)
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 166 1,884
Common shares issuable for Founders Agreement 1,109 4,212
Research and development - licenses acquired 365 1,630
Issuance of common shares - Equity fee to Fortress Biotech on note payable 750 0
Stock-based compensation expenses 2,283 3,308
Depreciation expense 2,723 2,167
Amortization of debt discount 470 0
Amortization of operating lease right-of-use assets 308 139
Loss on disposal of property and equipment 255 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,021) (401)
Other receivables - related party 14 (35)
Accounts payable and accrued expenses 5,257 (408)
Payable and accrued expenses - related party 43 233
Deferred income 0 270
Lease liabilities (263) (296)
Net cash used in operating activities (65,066) (53,667)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (365) (1,380)
Proceeds from the sale of fixed assets 127 0
Purchase of fixed assets (2,714) (3,986)
Net cash used in investing activities (2,952) (5,366)
Cash Flows from Financing Activities:    
Proceeds from issuance of common shares - at-the-market offering 6,623 71,919
Offering costs for the issuance of common shares - at-the-market offering (123) (1,381)
Proceeds from debt issuance 30,000 0
Fees paid on the issuance of debt (2,650) 0
Proceeds from issuance of common shares under ESPP 206 309
Net cash provided by financing activities 34,056 70,847
Net change in cash, cash equivalents and restricted cash (33,962) 11,814
Cash, cash equivalents and restricted cash, beginning of the period 110,618 98,804
Cash, cash equivalents and restricted cash, end of the period 76,656 110,618
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,710 0
Supplemental disclosure of noncash activities:    
Fixed assets (acquired but not paid) 0 1,270
Issuance of common shares - Founders Agreement 4,212 7,577
Research and development licenses included in accounts payable and accrued expenses 0 250
Note payable final payment fee (incurred but not paid) 1,050 0
Issuance of warrants - note payable 384 0
Lease liabilities arising from obtaining right-of-use assets $ 2,176 $ 101