Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (84,234,000) $ (76,282,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Non-cash licensed technology impairment charge 32,916,000
Depreciation and amortization 4,586,000 7,819,000
Stock option-based compensation expense 5,853,000 7,338,000
Restricted stock-based compensation expense 2,334,000 899,000
Non-cash interest expense 600,000
Accretion and interest on short-term investments (70,000) (266,000)
Accretion of right-of-use lease assets 1,015,000 858,000
Other 347,000 367,000
Change in operating assets and liabilities:    
Receivables 81,000
Prepaid expenses and other current assets 424,000 670,000
Other assets (127,000) 3,000
Accounts payable, accrued expenses and lease liabilities (2,178,000) (1,707,000)
Change in payable to licensor 3,515,000 (2,600,000)
Net cash used in operating activities (35,019,000) (62,820,000)
Cash flows from investing activities:    
Capital expenditures (1,336,000) (6,309,000)
Acquisition of licensed technology (199,000)
Purchases of short-term investments (170,472,000)
Proceeds from maturities of short-term investments 88,094,000 66,484,000
Net cash (used in)/provided by investing activities (83,714,000) 59,976,000
Cash flows from financing activities:    
Proceeds from loan payable 1,758,000
Proceeds from issuance of common stock and pre-funded warrants in public offering, net of offering costs 1,000 95,972,000
Proceeds from open market sales of common stock 16,961,000
Proceeds from exercise of stock options 177,000 969,000
Net cash provided by financing activities 1,936,000 113,902,000
Net (decrease)/increase in cash, cash equivalents and restricted cash (116,797,000) 111,058,000
Cash, cash equivalents and restricted cash at beginning of year 130,368,000 19,310,000
Cash, cash equivalents and restricted cash at end of year 13,571,000 130,368,000
Supplemental cash flow information:    
Cash and cash equivalents 12,596,000 129,258,000
Restricted cash 975,000 1,110,000
Total cash, cash equivalents and restricted cash 13,571,000 130,368,000
Shares returned in connection with arbitration ruling on licensing agreement 1,472,000
Cash paid for interest
Cash paid for taxes