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, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 13,298 $ (1,982)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Stock-based compensation expense 3,961 4,948
Common stock contribution to 401(k) 88 102
Depreciation and amortization 22 25
Amortization of debt issuance costs, debt discount and final payment on debt 698 592
Non-cash portion of Novartis Milestone Payment (7,300)  
Non-cash lease expense 150 1,890
Payments in excess of loss recognized upon early lease termination   (1,476)
Change in fair value of equity securities (1,012) (289)
Changes in assets and liabilities:    
Trade and other receivables, net 2,670 (1,558)
Income tax receivable (1,526)  
Prepaid expenses and other assets 83 240
Accounts payable and accrued liabilities (542) (242)
Operating lease liabilities (163) (2,202)
Unearned revenue recognized under units-of-revenue method (1,444) (1,094)
Contingent NIH refund liability 612  
Other liabilities 497 761
Net cash provided by (used in) operating activities 10,092 (285)
Cash flows from investing activities:    
Payments related to purchase of royalty rights (1,200) (19,300)
Receipts related to purchased royalty rights 1,000  
Purchase of property and equipment (9)  
Net cash used in investing activities (209) (19,300)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 24,600  
Proceeds from issuance of common stock   22,000
Payment of preferred and common stock issuance costs (1,945) (388)
Proceeds from exercise of options and other share-based compensation 4,850 610
Proceeds from issuance of long-term debt   9,500
Principal payments - debt (5,313) (938)
Principal payments - finance lease (17) (15)
Proceeds from disgorgement of stockholder's short-swing profits 13  
Taxes paid related to net share settlement of equity awards (2,395) (276)
Net cash provided by financing activities 19,793 30,493
Net increase in cash and restricted cash 29,676 10,908
Cash and restricted cash at the beginning of the period 56,688 45,780
Cash and restricted cash at the end of the period 86,364 56,688
Supplemental Cash Flow Information:    
Cash paid for interest 692 558
Non-cash investing and financing activities:    
Interest added to principal balance on long-term debt 490 710
Accrued cost related to issuance of preferred and common stock $ 264 166
Issuance of common stock warrant under SVB loan   66
Estimated fair value of contingent consideration under the royalty purchase agreements   $ 75