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, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net (loss) income $ (13,343) $ 14,596
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Fair value of Rezolute common stock shares received as consideration for license agreement (955)  
License fee recognized related to repayment of principal and accrued interest under the Servicer Loan   (14,346)
Stock-based compensation expense 3,902 7,301
Common stock contribution to 401(k) 20 506
Depreciation and amortization 30 304
Amortization of debt issuance costs, debt discount and final payment on debt 141 444
Loss on sublease   800
Loss on extinguishment of debt   650
Realized (gain) loss on foreign currency exchange (20) 1,635
Net gain on sale, disposal and impairment of equipment   (1,068)
Change in fair value of long-term equity securities 563  
Other   61
Changes in assets and liabilities:    
Trade and other receivables (1,029) 169
Prepaid expenses and other assets (102) 106
Accounts payable and accrued liabilities (1,161) (9,746)
Unearned revenue recognized under units-of-revenue method (231) (363)
Income tax payable (1,637) 1,637
Other liabilities 1,178  
Net cash (used in) provided by operating activities (12,644) 2,686
Cash flows from investing activities:    
Proceeds from sale of equipment   1,614
Purchase of property and equipment (6) (8)
Purchase of royalty rights in connection with Agenus purchase agreement (15,000)  
Net cash (used in) provided by investing activities (15,006) 1,606
Cash flows from financing activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs 16,269 20,019
Proceeds from issuance of common stock, net of issuance costs 6,063 10,160
Proceeds from exercise of options 583 1,550
Proceeds from issuance of long-term debt 7,500  
Debt issuance costs and loan fees (217)  
Principal payments – debt   (16,380)
Payment of final fee related to loan extinguishment   (1,150)
Principal payments – capital lease (13) (51)
Taxes paid related to net share settlement of equity awards (246) (890)
Net cash provided by financing activities 29,939 13,258
Effect of exchange rate changes on cash 20 179
Net increase in cash and cash equivalents 2,309 17,729
Cash and cash equivalents at the beginning of the period 43,471 25,742
Cash and cash equivalents at the end of the period 45,780 43,471
Supplemental Cash Flow Information:    
Cash paid for interest 81 545
Cash paid for taxes 1,637  
Non-cash investing and financing activities:    
Exchange of principal and accrued interest under the Servier loan   14,346
Equipment acquired through capital lease   45
Interest added to principal balance on long-term debt 621 $ 487
Accrued cost related to issuance of preferred and common stock 417  
Prepaid financing cost related to issuance of common stock 100  
Issuance of common stock warrant under SVB loan $ 139