Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Cash flows from operating activities:    
Net income $ 15,798 $ 13,298
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 6,195 3,961
Common stock contribution to 401(k) 90 88
Depreciation 7 22
Amortization of debt issuance costs, debt discount and final payment on debt 200 698
Non-cash portion of Novartis Milestone Payment   (7,300)
Reduction of contingent NIH refund liability (105)  
Non-cash lease expense 160 150
Loss on extinguishment of debt 300  
Change in fair value of equity securities 919 (1,012)
Changes in assets and liabilities:    
Trade and other receivables, net 54 2,670
Income tax receivable 1,526 (1,526)
Prepaid expenses and other assets (169) 83
Accounts payable and accrued liabilities 765 (542)
Income tax payable 91  
Operating lease liabilities (179) (163)
Unearned revenue recognized under units-of-revenue method (1,642) (1,444)
Contingent NIH refund liability (1,305) 612
Other liabilities (27) 497
Net cash provided by operating activities 22,678 10,092
Cash flows from investing activities:    
Payments related to purchase of royalty rights and other commercial payment rights (26,500) (1,200)
Receipts related to purchased royalty rights   1,000
Purchase of property and equipment   (9)
Net cash used in investing activities (26,500) (209)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 40,000 24,600
Payment of preferred and common stock issuance costs (3,385) (1,945)
Proceeds from exercise of options and other share-based compensation 1,584 4,850
Principal payments - debt (4,250) (5,313)
Payment for extinguishment of debt (17,103)  
Payment for preferred stock dividends (3,499)  
Taxes paid related to net share settlement of equity awards (488) (2,395)
Other (24) (4)
Net cash provided by financing activities 12,835 19,793
Net increase in cash and restricted cash 9,013 29,676
Cash and restricted cash at the beginning of the period 86,364 56,688
Cash and restricted cash at the end of the period 95,377 86,364
Supplemental Cash Flow Information:    
Cash paid for interest 311 692
Non-cash investing and financing activities:    
Estimated fair value of contingent consideration under the Affitech CPPA 8,000  
Preferred stock dividend accrual $ 1,368  
Interest added to principal balance on long-term debt   490
Accrued cost related to issuance of capital stock   $ 264