Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows used in operating activities:    
Net loss $ (5,753) $ (10,429)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of Rezolute common stock shares received as consideration for license agreement (955)  
Stock-based compensation expense 2,186 2,855
Common stock contribution to 401(k) 20 506
Depreciation and amortization 15 231
Amortization of debt issuance costs, debt discount and final payment on debt 12 405
Loss on sublease 591  
Loss on extinguishment of debt   515
Unrealized loss on foreign currency exchange   1,199
Gain on sale and disposal of equipment   (1,226)
Change in fair value of long-term equity securities 402  
Other (20) 57
Changes in assets and liabilities:    
Trade and other receivables (83) (10,065)
Prepaid expenses and other assets (193) 275
Accounts payable and accrued liabilities (2,421) (6,961)
Accrued interest on long-term debt 281 102
Unearned revenue recognized under units-of-revenue method 25 (219)
Income tax payable (1,637)  
Other liabilities 342  
Net cash used in operating activities (7,188) (22,755)
Cash flows from investing activities:    
Proceeds from sale of equipment   1,614
Net cash provided by investing activities   1,614
Cash flows from financing activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs   20,072
Proceeds from issuance of common stock, net of issuance costs 2,331 5,400
Proceeds from exercise of options 481  
Debt issuance costs and loan fees (181)  
Principal payments – debt   (16,380)
Payment of final fee related to loan extinguishment   (1,150)
Principal payments – capital lease (7) (51)
Taxes paid related to net share settlement of equity awards (237)  
Net cash provided by financing activities 2,387 7,891
Effect of exchange rate changes on cash 20 (27)
Net decrease in cash and cash equivalents (4,781) (13,277)
Cash and cash equivalents at the beginning of the period 43,471 25,742
Cash and cash equivalents at the end of the period 38,690 12,465
Supplemental Cash Flow Information:    
Cash paid for interest   396
Cash paid for taxes 1,637  
Non-cash investing and financing activities:    
Fair value of Rezolute common stock shares received as consideration for license agreement 955  
Interest added to principal balance on long-term debt 281 $ 236
Prepaid financing cost related to issuance of common stock 100  
Issuance of common stock warrant under SVB loan $ 139