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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities    
Net loss $ (98,565) $ (39,247)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 508 174
Stock-based compensation 2,237 1,421
Loss from remeasurement of development derivative liability 12,507 0
Non-cash interest expense 491 500
Non-cash research and development expense 27,027 0
Other non-cash transactions 100 0
Changes in operating assets and liabilities:    
Other receivables 1,233 (1,000)
Prepaid expenses and other assets (8,375) (1,954)
Accounts payable 974 802
Accrued expenses 1,906 (327)
Deferred rent 0 37
Net cash used in operating activities (59,957) (39,594)
Investing activities    
Purchases of property and equipment (1,312) (960)
Acquisition of intellectual property rights (100) 0
Net cash used in investing activities (1,412) (960)
Financing activities    
Proceeds from development derivative liability 15,169 0
Proceeds from issuance of common stock, net 2,942 46,277
Payments of deferred stock offering costs (199) (145)
Long-term borrowings, net 0 8,089
Proceeds from exercise of stock options 95 245
Shares purchased through employee share purchase plan 186 0
Repayments of long-term debt (2,727) (938)
Net cash provided by financing activities 15,466 53,528
Net (decrease) increase in cash and cash equivalents (45,903) 12,974
Cash, cash equivalents and restricted cash at the beginning of the year 74,025 61,051
Cash and cash equivalents at the end of the year 28,122 74,025
Supplemental disclosure for cash flow    
Cash paid for interest 954 576
Supplemental disclosure of cash flow information    
Accrued interest on term loan refinanced to principal 0 308
Debt refinanced through new term loan 0 6,563
Right-of-use assets obtained in exchange for new operating lease liabilities 576 1,991
Issuance of warrants in conjunction with development derivative liability 7,925 0
Purchases of property and equipment in conjunction with development derivative liability 4,941 0
Issuance of warrants in conjunction with debt 0 355
Deferred stock offering costs in accounts payable 0 110
Purchases of property and equipment included in accounts payable and accrued expenses $ 1,378 $ 823