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, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:    
Net loss $ (60,015) $ (46,389)
Adjustments to reconcile net loss to net cash used in operating activities:    
Accretion of debt discount 2,321 710
Issuance of common shares - Equity fee on At-the-Market Offering to Fortress Biotech 1,514 495
Issuance of common shares - Equity fee on Public Offering to Fortress Biotech 932 791
Issuance of common shares - Equity fee on Horizon Notes to Fortress Biotech 0 375
Common shares issuable for Founders Agreement 7,577 4,923
Research and development - licenses acquired 2,487 1,350
Stock-based compensation expenses 2,987 2,664
Depreciation expense 1,677 1,258
Amortization of operating lease right-of-use assets 108 110
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (84) (558)
Other receivables - related party 4 (19)
Accounts payable and accrued expenses 3,151 296
Payable and accrued expenses - related party (106) 360
Lease liabilities 128 53
Net cash used in operating activities (37,319) (33,581)
Cash Flows from Investing Activities:    
Maturity of certificate of deposit 0 17,604
Purchase of research and development licenses (2,487) (1,350)
Purchase of fixed assets (1,925) (2,345)
Net cash (used in) provided by investing activities (4,412) 13,909
Cash Flows from Financing Activities:    
Proceeds from Horizon Notes 0 15,000
Debt issuance costs 0 (1,393)
Proceeds from issuance of common shares - At-the-Market Offering 59,805 22,515
Offering costs for the issuance of common shares - At-the-Market Offering (1,124) (543)
Proceeds from issuance of common shares - Public Offering 37,230 31,625
Offering costs for the issuance of common shares - Public Offering (2,388) (2,088)
Repayment of notes payable (15,750) 0
Proceeds from issuance of common shares under ESPP 349 0
Net cash provided by financing activities 78,122 65,116
Net change in cash, cash equivalents and restricted cash 36,391 45,444
Cash, cash equivalents and restricted cash, beginning of the period 62,413 16,969
Cash, cash equivalents and restricted cash, end of the period 98,804 62,413
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,593 1,057
Supplemental disclosure of noncash investing and financing activities:    
Fixed assets (acquired but not paid) 31 187
Issuance of common shares - Founders Agreement 4,923 2,085
Offering costs for the issuance of common shares - At-the-Market Offering, in accounts payable and accrued expenses 84 0
Issuance of warrants - Horizon Notes $ 0 $ 888