Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (1,982) $ (13,343)
Adjustments to reconcile net (loss) income 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 4,948 3,902
Common stock contribution to 401(k) 102 20
Depreciation and amortization 25 30
Amortization of debt issuance costs, debt discount and final payment on debt 592 141
Non-cash lease expense 1,890  
Payments in excess of loss recognized upon early lease termination (1,476)  
Realized gain on foreign currency exchange   (20)
Change in fair value of equity securities (289) 563
Changes in assets and liabilities:    
Trade and other receivables (1,558) (1,029)
Prepaid expenses and other assets 240 (102)
Accounts payable and accrued liabilities (242) (1,161)
Unearned revenue recognized under units-of-revenue method (1,094) (231)
Operating lease liabilities (2,202)  
Income tax payable   (1,637)
Other liabilities 761 1,178
Net cash used in operating activities (285) (12,644)
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 convertible preferred stock, net of issuance costs   16,269
Proceeds from issuance of common stock, net of issuance costs 21,929 6,063
Proceeds from exercise of options 610 583
Proceeds from issuance of long-term debt 9,500 7,500
Payment of preferred and common stock issuance costs (317)  
Debt issuance costs and loan fees   (217)
Principal payments – debt (938)  
Principal payments – finance lease (15)  
Principal payments – capital lease   (13)
Taxes paid related to net share settlement of equity awards (276) (246)
Net cash provided by financing activities 30,493 29,939
Effect of exchange rate changes on cash   20
Net increase in cash 10,908 2,309
Cash at the beginning of the period 45,780 43,471
Cash at the end of the period 56,688 45,780
Supplemental Cash Flow Information:    
Cash paid for interest 558 81
Cash paid for taxes   1,637
Non-cash investing and financing activities:    
Interest added to principal balance on long-term debt 710 621
Accrued cost related to issuance of preferred and common stock 166 417
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