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, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (17,104) $ 15,798
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Stock-based compensation expense 3,608 6,195
Common stock contribution to 401(k) 85 90
Depreciation 7 7
Amortization of debt issuance costs, debt discount and final payment on debt   200
Loss on extinguishment of debt   300
Reduction of contingent NIH refund liability   (105)
Non-cash lease expense 170 160
Change in fair value of equity securities 439 919
Amortization of intangible assets 97  
Changes in assets and liabilities:    
Trade and other receivables, net 208 54
Income tax receivable   1,526
Prepaid expenses and other assets (71) (169)
Accounts payable and accrued liabilities 1,845 765
Income taxes payable (91) 91
Operating lease liabilities (195) (179)
Unearned revenue recognized under units-of-revenue method (1,877) (1,642)
Contingent NIH refund liability   (1,305)
Other liabilities   (27)
Net cash (used in) provided by operating activities (12,879) 22,678
Cash flows from investing activities:    
Payments of consideration under RPAs and CPPAs (8,000) (26,500)
Receipts under RPAs and CPPAs 3,026  
Payment for IP acquired under the ObsEva IP Acquisition Agreement (15,247)  
Net cash used in investing activities (20,221) (26,500)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock   40,000
Payment of preferred stock dividends (5,472) (3,499)
Payment of preferred and common stock issuance costs   (3,385)
Proceeds from exercise of options and other share-based compensation 2,419 1,584
Taxes paid related to net share settlement of equity awards (1,398) (488)
Principal payments - debt   (4,250)
Payment for extinguishment of debt   (17,103)
Payment for debt modification fee   (24)
Net cash (used in) provided by financing activities (4,451) 12,835
Net (decrease) increase in cash, cash equivalents and restricted cash (37,551) 9,013
Cash and restricted cash at the beginning of the period 95,377 86,364
Cash, cash equivalents and restricted cash at the end of the period 57,826 95,377
Supplemental Cash Flow Information:    
Cash paid for taxes 76  
Cash paid for interest   311
Non-cash investing and financing activities:    
Estimated fair value of contingent consideration under the Affitech CPPA   8,000
Preferred stock dividend accrual 1,368 $ 1,368
Accrued transaction costs in connection with ObsEva IP Acquisition $ 122