Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (55,185) $ (53,710)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 111 111
Stock-based compensation expense 2,220 1,828
Accretion of investment discount 0 (16)
Amortization of debt issuance costs and discount 1,201 1,171
Warrant liabilities fair value adjustment 5,214 4,497
Derivative liability fair value adjustment (2,257) (1,567)
Noncash operating lease expense for right-of-use asset 192 174
Loss on extinguishment of debt 1,766 1,045
Noncash consideration associated with common stock purchase agreement 602 0
Changes in operating assets and liabilities:    
Prepaid expenses, other assets, and deferred costs (922) 3,254
Accounts payable and accrued expenses (2,296) 5,215
Deferred revenue 0 (121)
Net cash used in operating activities (49,354) (38,119)
Cash flows from investing activities:    
Maturities of investments 20,713 65,740
Purchases of property and equipment (4) 0
Purchase of investments (14,235) (39,500)
Net cash provided by investing activities 6,474 26,240
Cash flows from financing activities:    
Proceeds from common stock issued 90,554 46,337
Payments of offering costs and underwriting discounts and commissions (5,879) (2,855)
Proceeds from employee stock purchase plan issuances 28 49
Repurchase of shares to satisfy tax withholdings (208) 0
Proceeds from senior convertible notes 10,000 16,000
Payments of senior convertible notes issuance costs (494) (1,253)
Payment of loan payable expected to be refinanced 0 (15,973)
Net cash provided by financing activities 94,001 42,305
Net increase in cash, cash equivalents, and restricted cash 51,121 30,426
Cash, cash equivalents, and restricted cash at beginning of period 42,193 11,767
Cash, cash equivalents, and restricted cash at end of period 93,314 42,193
Supplemental cash flow information:    
Cash paid for interest 1,088 850
Cash received for interest 186 898
Noncash financing and investing activities:    
Operating lease liabilities arising from obtaining right-of-use assets 0 3,365
Deferred offering and issuance costs included in accounts payable 62 0
Deferred offering costs reclassified to additional paid-in capital 153 36
Common stock issued for settlement of senior convertible notes 5,221 2,984
Common stock issued for Commitment Shares $ 602 $ 0