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, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (40,831) $ (17,104)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 9,099 3,608
Impairment charges 15,828  
Change in fair value of contingent consideration under RPAs, AAAs, and CPPAs (75)  
Common stock contribution to 401(k) 123 85
Amortization of intangible assets 897 97
Depreciation 3 7
Accretion of long-term debt 34  
Non-cash lease expense 119 170
Change in fair value of equity securities 174 439
Changes in assets and liabilities:    
Trade and other receivables, net (1,003) 208
Prepaid expenses and other assets 219 (71)
Accounts payable and accrued liabilities (523) 1,845
Income taxes payable   (91)
Operating lease liabilities (114) (195)
Unearned revenue recognized under units-of-revenue method (2,108) (1,877)
Net cash used in operating activities (18,158) (12,879)
Cash flows from investing activities:    
Payments of consideration under RPAs, AAAs and CPPAs (14,650) (8,000)
Receipts under RPAs, AAAs and CPPAs 13,956 3,026
Payment for IP acquired under the ObsEva IP Acquisition Agreement   (15,247)
Purchase of property and equipment (17)  
Net cash used in investing activities (711) (20,221)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 130,000  
Debt issuance costs and loan fees (4,253)  
Payment of preferred stock dividends (5,472) (5,472)
Proceeds from exercise of options and other share-based compensation 466 2,419
Taxes paid related to net share settlement of equity awards (148) (1,398)
Net cash provided by (used in) financing activities 120,593 (4,451)
Net increase (decrease) in cash, cash equivalents and restricted cash 101,724 (37,551)
Cash, cash equivalents at the beginning of the period 57,826 95,377
Cash, cash equivalents and restricted cash at the end of the period 159,550 57,826
Supplemental Cash Flow Information:    
Cash paid for taxes   76
Right-of-use assets obtained in exchange for operating lease liabilities 468  
Non-cash investing and financing activities:    
Issuance of common stock warrants in connection with long-term debt 1,470  
Accrued issuance costs in connection with issuance of long-term debt 501  
Preferred stock dividend accrual 1,368 1,368
Estimated fair value of contingent consideration under the LadRx Agreements 1,000  
Accrued transaction costs in connection with ObsEva IP Acquisition   $ 122
Accrual of contingent consideration under the Affitech CPPA $ 6,000