v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 2,339 $ (10,331)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Fair value of Rezolute common stock shares received as consideration for license agreement   (955)
Stock-based compensation expense 4,233 3,033
Common stock contribution to 401(k) 102 20
Depreciation and amortization 19 23
Amortization of debt issuance costs, debt discount and final payment on debt 390 36
Loss on sublease   1,421
Non-cash lease expense (170)  
Change in fair value of long-term equity securities (481) 608
Other   (20)
Changes in assets and liabilities:    
Trade and other receivables (2,358) (918)
Prepaid expenses and other assets (265) (117)
Accounts payable and accrued liabilities 232 (1,778)
Unearned revenue recognized under units-of-revenue method (772) (96)
Income tax payable   (1,637)
Other liabilities 594 779
Net cash provided by (used in) operating activities 3,863 (9,932)
Cash flows from investing activities:    
Purchase of property and equipment   (6)
Payments related to purchase of royalty rights (19,300) (15,000)
Net cash used in investing activities (19,300) (15,006)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 17 2,331
Proceeds from exercise of options 776 513
Proceeds from issuance of long-term debt 9,500 7,500
Payment of preferred and common stock issuance costs (377)  
Debt issuance costs and loan fees   (217)
Principal payments – finance lease (11) (10)
Taxes paid related to net share settlement of equity awards (504) (237)
Net cash provided by financing activities 9,401 9,880
Effect of exchange rate changes on cash   20
Net decrease in cash (6,036) (15,038)
Cash at the beginning of the period 45,780 43,471
Cash at the end of the period 39,744 28,433
Supplemental Cash Flow Information:    
Cash paid for interest 357  
Cash paid for taxes   1,637
Non-cash investing and financing activities:    
Fair value of Rezolute common stock shares received as consideration for license agreement   955
Interest added to principal balance on long-term debt 376 281
Prepaid financing cost related to issuance of common stock   100
Issuance of common stock warrant under SVB loan 66 $ 139
Estimated fair value of contingent consideration under the royalty purchase agreements $ 75  

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