Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (84,936,000) $ (84,234,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Non-cash goodwill impairment charge 32,466,000
Non-cash licensed technology impairment charge 32,916,000
Non-cash gain on settlement with licensor (6,743,000)
Depreciation and amortization 3,250,000 4,586,000
Stock option-based compensation expense 5,250,000 5,853,000
Restricted stock-based compensation expense 3,666,000 2,334,000
Non-cash PPP loan payable forgiveness income (1,758,000)
Non-cash interest expense 67,000 600,000
Accretion and interest on short-term investments 122,000 (70,000)
Amortization of right-of-use lease assets 1,214,000 1,015,000
Other 347,000
Change in operating assets and liabilities:    
Accounts receivable (3,000,000)
Prepaid expenses, other current assets and restricted cash 331,000 424,000
Other assets and restricted cash (7,000) (127,000)
Accounts payable, accrued expenses, lease liabilities and other liabilities 825,000 (2,178,000)
Payable to licensor (16,412,000) 3,515,000
Net cash used in operating activities (65,665,000) (35,019,000)
Cash flows from investing activities:    
Capital expenditures (4,151,000) (1,336,000)
Purchases of short-term investments (20,163,000) (170,472,000)
Proceeds from maturities of short-term investments 90,376,000 88,094,000
Net cash provided by/(used in) investing activities 66,062,000 (83,714,000)
Cash flows from financing activities:    
Proceeds from loan payable 1,758,000
Proceeds from issuance of common stock and warrants in public offering 17,433,000 1,000
Payment of offering costs in public offering (1,454,000)
Proceeds from open market sales of common stock 8,051,000
Proceeds from exercise of stock options 831,000 177,000
Net cash provided by financing activities 24,861,000 1,936,000
Net increase/(decrease) in cash, cash equivalents and restricted cash 25,258,000 (116,797,000)
Cash, cash equivalents and restricted cash at beginning of year 13,571,000 130,368,000
Cash, cash equivalents and restricted cash at end of year 38,829,000 13,571,000
Supplemental cash flow information:    
Cash and cash equivalents 32,938,000 12,596,000
Restricted cash 5,891,000 975,000
Total cash, cash equivalents and restricted cash 38,829,000 13,571,000
Cash paid for interest
Cash paid for taxes
Additions to right-of-use lease assets obtained from new operating lease liabilities resulting from modification of original lease arrangement $ 3,585,000