0001437749-21-010912.txt : 20210505 0001437749-21-010912.hdr.sgml : 20210505 20210505163220 ACCESSION NUMBER: 0001437749-21-010912 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210505 DATE AS OF CHANGE: 20210505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DiaMedica Therapeutics Inc. CENTRAL INDEX KEY: 0001401040 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: Z4 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36291 FILM NUMBER: 21893911 BUSINESS ADDRESS: STREET 1: 2 CARLSON PARKWAY STREET 2: SUITE 260 CITY: MINNEAPOLIS STATE: MN ZIP: 55447 BUSINESS PHONE: (763) 496-5454 MAIL ADDRESS: STREET 1: 2 CARLSON PARKWAY STREET 2: SUITE 260 CITY: MINNEAPOLIS STATE: MN ZIP: 55447 FORMER COMPANY: FORMER CONFORMED NAME: DiaMedica Inc. DATE OF NAME CHANGE: 20070525 10-Q 1 dmtp20210331_10q.htm FORM 10-Q dmtp20210331_10q.htm
 

 



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934‐‐

 

For the transition period from ________________ to __________________.

 

Commission File Number: 001-36291

 


 

DIAMEDICA THERAPEUTICS INC.

(Exact name of registrant as specified in its charter)

 

British Columbia

(State or other jurisdiction of incorporation or organization)

Not Applicable

(I.R.S. Employer Identification No.)

 

Two Carlson Parkway, Suite 260

Minneapolis, Minnesota 55447

(Address of principal executive offices) (Zip code)

(763) 312-6755

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Voting common shares, no par value per share

DMAC

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒  NO ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒  NO ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer ☒

Smaller reporting company ☒

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐  NO ☒

 

As of May 3, 2021, there were 18,786,157 voting common shares of the registrant outstanding.

 



 

 

 

 

DiaMedica Therapeutics Inc.

FORM 10-Q

March 31, 2021

 

TABLE OF CONTENTS

 

Description

 

Page
     

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

1
     

PART I.

FINANCIAL INFORMATION

 
     

Item 1.

Financial Statements

2

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

13

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

19

Item 4.

Controls and Procedures

19

     

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

20

Item 1A.

Risk Factors

20

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

20

Item 3.

Defaults Upon Senior Securities

20

Item 4.

Mine Safety Disclosures

21

Item 5.

Other Information

21

Item 6.

Exhibits

21

     

SIGNATURE PAGE

22

 


 

 

This quarterly report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, that are subject to the safe harbor created by those sections. For more information, see Cautionary Note Regarding Forward-Looking Statements.

 

As used in this report, references to DiaMedica, the Company, we, our or us, unless the context otherwise requires, refer to DiaMedica Therapeutics Inc. and its subsidiaries, all of which are consolidated in DiaMedicas condensed consolidated financial statements. References in this report to common shares mean our voting common shares, no par value per share.

 

We own various unregistered trademarks and service marks, including our corporate logo. Solely for convenience, the trademarks and trade names in this report are referred to without the ® and symbols, but such references should not be construed as any indicator that the owner of such trademarks and trade names will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend the use or display of other companies trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

 

 

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Statements in this report that are not descriptions of historical facts are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and share price. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” “will,” “would,” the negative of these terms or other comparable terminology, and the use of future dates.

 

The forward-looking statements in this report include, among other things, statements about:

 

 

our plans to develop, obtain regulatory approval for and commercialize our DM199 product candidate for the treatment of acute ischemic stroke (AIS) and chronic kidney disease (CKD) and our expectations regarding the benefits of our DM199 product candidate;

 

our ability to conduct successful clinical testing of our DM199 product candidate for AIS and CKD and certain anticipated dates with respect to our pending and anticipated clinical trials;

 

our ability to obtain required regulatory approvals of our DM199 product candidate for AIS and CKD;

 

the perceived benefits of our DM199 product candidate over existing treatment options for AIS and CKD;

 

the potential size of the markets for our DM199 product candidate and our ability to serve those markets;

 

the rate and degree of market acceptance, both in the United States and internationally, of our DM199 product candidate for AIS and CKD;

 

our ability to partner with and generate revenue from biopharmaceutical or pharmaceutical partners to develop, obtain regulatory approval for and commercialize our DM199 product candidate for AIS and CKD;

 

the success, cost and timing of planned clinical trials, as well as our reliance on collaboration with third parties to conduct our clinical trials;

 

our expectations regarding the impact of the novel strain of coronavirus, or COVID-19, pandemic on our business, including in particular the conduct of our clinical trials and the timing thereof;

 

our commercialization, marketing and manufacturing capabilities and strategy;

 

expectations regarding federal, state, and foreign regulatory requirements and developments, such as potential United States Food and Drug Administration (FDA) regulation of our DM199 product candidate for AIS and CKD;

 

expectations regarding competition and our ability to obtain data exclusivity for our DM199 product candidate for AIS and CKD;

 

our ability to obtain funding for our operations, including funding necessary to complete planned clinical trials and obtain regulatory approvals for our DM199 product candidate for AIS and CKD;

 

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

 

our expectations regarding our ability to obtain and maintain intellectual property protection for our DM199 product candidate; and

 

our anticipated use of the net proceeds from our underwritten public offerings.

 

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under “Part I. Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2020 and those described above and elsewhere in this report. Moreover, we operate in a very competitive and rapidly-changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements should not be relied upon as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Except as required by law, including the securities laws of the United States, we do not intend to update any forward-looking statements to conform these statements to actual results or to changes in our expectations.

 

1

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1.         FINANCIAL STATEMENTS

 

 

DiaMedica Therapeutics Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

 

   

March 31, 2021

   

December 31, 2020

 
   

(unaudited)

         

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 3,329     $ 7,409  

Marketable securities

    20,072       20,098  

Amounts receivable

    337       340  

Prepaid expenses and other assets

    457       74  

Total current assets

    24,195       27,921  
                 

Non-current assets:

               

Operating lease right-of-use asset

    86       100  

Property and equipment, net

    75       74  

Total non-current assets

    161       174  
                 

Total assets

  $ 24,356     $ 28,095  
                 

LIABILITIES AND EQUITY

               

Current liabilities:

               

Accounts payable

  $ 689     $ 1,099  

Accrued liabilities

    420       864  

Finance lease obligation

    6       6  

Operating lease obligation

    63       59  

Total current liabilities

    1,178       2,028  
                 

Non-current liabilities:

               

Finance lease obligation, non-current

    5       7  

Operating lease obligation, non-current

    28       46  

Total non-current liabilities

    33       53  
                 

Shareholders’ equity:

               

Common shares, no par value; unlimited authorized; 18,786,157 and 18,746,157 shares issued and outstanding, as of March 31, 2021 and December 31, 2020, respectively

           

Paid-in capital

    95,680       94,925  

Accumulated other comprehensive loss

    (4 )     (2 )

Accumulated deficit

    (72,531 )     (68,909 )

Total shareholders’ equity

    23,145       26,014  

Total liabilities and shareholders’ equity

  $ 24,356     $ 28,095  

 

See accompanying notes to the condensed consolidated financial statements.

 

2

 
 

 

DiaMedica Therapeutics Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)

 

   

Three Months Ended

March 31,

 
   

2021

   

2020

 

Operating expenses:

               

Research and development

  $ 2,406     $ 1,349  

General and administrative

    1,213       1,055  

Operating loss

    (3,619

)

    (2,404

)

                 

Other (income) expense:

               

Governmental assistance - research incentives

          (115

)

Other (income) expense, net

    (4

)

    127  

Total other (income) expense

    (4

)

    12  
                 

Loss before income tax expense

    (3,615

)

    (2,416

)

                 

Income tax expense

    7       9  
                 

Net loss

    (3,622

)

    (2,425

)

                 

Other comprehensive income (loss)

               

Unrealized gain (loss) on marketable securities

    (2

)

    40  
                 

Net loss and comprehensive loss

  $ (3,624

)

  $ (2,385

)

                 

Basic and diluted net loss per share

  $ (0.19

)

  $ (0.19

)

Weighted average shares outstanding – basic and diluted

    18,766,656       13,107,725  

 

 

See accompanying notes to the condensed consolidated financial statements.

 

3

 
 

 

DiaMedica Therapeutics Inc.

Condensed Consolidated Statements of Shareholders Equity

For the Three Months Ended March 31, 2021 and 2020

(In thousands, except share and per share amounts)

(Unaudited)

 

 

   

Common

Shares

   

Paid-In

Capital

   

Accumulated Other Comprehensive

Income

   

Accumulated

Deficit

   

Total

Shareholders

Equity

 

Balances at December 31, 2020

    18,746,157     $ 94,925     $ (2 )   $ (68,909 )   $ 26,014  

Exercise of common stock options

    40,000       244                   244  

Share-based compensation expense

          511                   511  

Unrealized loss on marketable securities

                (2 )           (2 )

Net loss

                      (3,622 )     (3,622 )

Balances at March 31, 2021

    18,786,157     $ 95,680     $ (4 )   $ (72,531 )   $ 23,145  

 

 

   

Common

Shares

   

Paid-In

Capital

   

Accumulated Other Comprehensive

Income

   

Accumulated

Deficit

   

Total

Shareholders

Equity

 

Balances at December 31, 2019

    12,006,874     $ 64,232     $ 2     $ (56,617 )   $ 7,617  

Issuance of common shares net of offering costs of $819

    2,125,000       7,682                   7,682  

Exercise of common stock options

    7,200       16                   16  

Share-based compensation expense

          393                   393  

Unrealized gain on marketable securities

                40             40  

Net loss

                      (2,425 )     (2,425 )

Balances at March 31, 2020

    14,139,074     $ 73,323     $ 42     $ (59,042 )   $ 13,323  

 

 

 

See accompanying notes to the condensed consolidated financial statements.

 

4

 
 

 

DiaMedica Therapeutics Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

   

Three Months Ended March 31,

 
   

2021

   

2020

 

Cash flows from operating activities:

               

Net loss

  $ (3,622

)

  $ (2,425

)

Adjustments to reconcile net loss to net cash used in operating activities:

               

Share-based compensation

    511       393  

Amortization of discount on marketable securities

    26       (14

)

Non-cash lease expense

    14       13  

Depreciation

    6       6  

Changes in operating assets and liabilities:

               

Amounts receivable

    3       (162

)

Prepaid expenses and other assets

    (383

)

    (397

)

Accounts payable

    (410

)

    262  

Accrued liabilities

    (458

)

    (654

)

Net cash used in operating activities

    (4,313

)

    (2,978

)

                 

Cash flows from investing activities:

               

Purchase of marketable securities

    (11,923

)

    (8,799

)

Maturities of marketable securities

    11,921       3,500  

Purchases of property and equipment

    (9

)

    (2 )

Proceeds from disposition of property and equipment

    2        

Net cash used in investing activities

    (9

)

    (5,301

)

                 

Cash flows from financing activities:

               

Proceeds from issuance of common shares, net of offering costs

          7,682  

Proceeds from the exercise of stock options

    244       16  

Principal payments on finance lease obligations

    (2

)

    (2

)

Net cash provided by financing activities

    242       7,696  
                 

Net decrease in cash and cash equivalents

    (4,080

)

    (583

)

Cash and cash equivalents at beginning of period

    7,409       3,883  

Cash and cash equivalents at end of period

  $ 3,329     $ 3,300  

 

See accompanying notes to the condensed consolidated financial statements.

 

5

 

 

DiaMedica Therapeutics Inc.
Notes to the Condensed Consolidated Financial Statements

(Unaudited)

 

 

1.

Business

 

DiaMedica Therapeutics Inc. and its wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. (collectively we, us, our, DiaMedica and the Company), are focused on developing novel treatments for neurological disorders and kidney diseases. Currently, our primary focus is on developing DM 199, a proprietary recombinant human tissue kallikrein-1 (KLK1) protein for the treatment of acute ischemic stroke (AIS) and chronic kidney disease (CKD). Our parent company is governed under the British Columbia Business Corporations Act, and our common shares are publicly traded on The Nasdaq Capital Market under the symbol “DMAC.”

 

 

2.

Risks and Uncertainties

 

DiaMedica operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in the European Union and comparable agencies in other countries. We are in the clinical stage of development of our initial product candidate, DM199, for the treatment of AIS and CKD. The Company has not completed the development of any product candidate and, accordingly, has not begun to commercialize any product candidate or generate any revenues from the commercial sale of any product candidate. DM199 requires significant additional clinical testing and investment prior to seeking marketing approval and is not expected to be commercially available for at least three to five years, if at all. The Company’s future success is dependent upon the success of its development efforts, its ability to demonstrate clinical progress for its DM199 product candidate in the United States or other markets, its ability to obtain required governmental approvals of its product candidate, its ability to license or market and sell its DM199 product candidate and its ability to obtain additional financing to fund these efforts.

 

As of March 31, 2021, we have incurred losses of $72.5 million since our inception in 2000. For the three months ended March 31, 2021, we incurred a net loss of $3.6 million and negative cash flows from operating activities of $4.3 million. We expect to continue to incur operating losses until such time as any future product sales, royalty payments, licensing fees, and/or milestone payments generate revenue sufficient to fund our continuing operations. For the foreseeable future, we expect to incur significant operating losses as we continue the development and clinical trials of, and to seek regulatory approval for, our DM199 product candidate. As of March 31, 2021, DiaMedica had cash and cash equivalents of $3.3 million, marketable securities of $20.1 million, working capital of $23.0 million and shareholders’ equity of $23.1 million. Our principal source of cash has been net proceeds from the issuance of equity securities. Although the Company has previously been successful in obtaining financing through equity securities offerings, there is no assurance that we will be able to do so in the future. This is particularly true if our clinical data is not positive or economic and market conditions deteriorate.

 

We expect that we will need substantial additional capital to further our research and development activities, complete the required clinical trials and regulatory activities and otherwise develop our product candidate, DM199, or any future product candidates, to a point where they may be commercially sold. We expect our current cash, cash equivalents and marketable securities, to be sufficient to allow us to complete our currently ongoing Phase 2 study in patients with CKD and to otherwise fund our planned operations for at least the next twelve months from the date of issuance of these financial statements. However, the amount and timing of our future funding requirements will depend on many factors, including the timing and results of ongoing development efforts, the potential expansion of current development programs, potential new development programs and related general and administrative support. We may require significant additional funds earlier than we currently expect and there is no assurance that we will not need or seek additional funding prior to such time, especially if market conditions for raising capital are favorable.

 

6

 

 

3.

Summary of Significant Accounting Policies

 

Interim financial statements

 

We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. These condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly our consolidated financial position, consolidated results of operations, consolidated statement of shareholders’ equity and consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on December 31. The condensed consolidated balance sheet as of December 31, 2020 was derived from our audited consolidated financial statements. Certain prior year amounts have been reclassified to conform to the current year presentation. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements and the notes thereto. The nature of our business is such that the results of any interim period may not be indicative of the results to be expected for the entire year.

 

Cash and cash equivalents

 

The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three months or less, to be cash and cash equivalents. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments.

 

Concentration of credit risk

 

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with one financial institution. These balances generally exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in cash and cash equivalents. The Company believes that the credit risk related to marketable securities is limited due to the adherence to an investment policy focused on the preservation of principal.

 

Marketable securities

 

The Company’s marketable securities typically consist of obligations of the United States government and its agencies, investment grade corporate obligations and bank certificates of deposit, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using third party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of shareholders’ equity in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income in the condensed consolidated statements of operations.

 

Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than not be forced to sell the security before recovering its cost, or (iii) does not expect to recover the security’s amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported as a component of shareholders’ equity in accumulated other comprehensive income (loss). There were no other-than-temporary unrealized losses as of March 31, 2021.

 

7

 

Fair value measurements

 

Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

The hierarchy is broken down into three levels defined as follows:

 

Level 1 Inputs — quoted prices in active markets for identical assets and liabilities

Level 2 Inputs — observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 Inputs — unobservable inputs

 

As of March 31, 2021, the Company believes that the carrying amounts of its other financial instruments, including amounts receivable, accounts payable and accrued liabilities, approximate their fair value due to the short-term maturities of these instruments. See Note 4, titled “Marketable Securities” for additional information.

 

Patent costs

 

Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were $48,000 and $32,000 for the three months ended March 31, 2021 and 2020, respectively.

 

 

4.

Marketable Securities

 

The available-for-sale marketable securities are primarily comprised of investments in commercial paper, corporate bonds and government securities and consist of the following, measured at fair value on a recurring basis (in thousands):

 

   

Fair Value Measurements Using Inputs Considered as of:

 
   

March 31, 2021

   

December 31, 2020

 
   

Total

   

Level 1

   

Level 2

   

Level 3

   

Total

   

Level 1

   

Level 2

   

Level 3

 

Government securities

  $ 6,004     $     $ 6,004     $     $ 8,924     $     $ 8,924     $  

Bank certificates of deposit

    245             245             496             496        

Commercial paper and corporate bonds

    13,823             13,823             10,678             10,678        

Total

  $ 20,072     $     $ 20,072     $     $ 20,098     $     $ 20,098     $  

 

Accrued interest receivable on available-for-sale securities is included in amounts receivable and was $37,000 and $34,000 as of March 31, 2021 and December 31, 2020, respectively.

 

There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the three months ended March 31, 2021.

 

Under the terms of the Company’s investment policy, purchases of marketable securities are limited to investment grade governmental and corporate obligations and bank certificates of deposit with a primary objective of principal preservation. Maturities of individual securities are less than one year and the amortized cost of all securities approximated fair value as of March 31, 2021 and December 31, 2020.

 

8

 

 

5.

Amounts Receivable

 

Amounts receivable consisted of the following (in thousands):

 

   

March 31, 2021

   

December 31, 2020

 

Research and development incentives

  $ 289     $ 289  

Sales-based taxes receivable

    4       2  

Other

    44       49  

Total amounts receivable

  $ 337     $ 340  

 

 

6.

Property and Equipment

 

Property and equipment consisted of the following (in thousands):

 

   

March 31, 2021

   

December 31, 2020

 

Furniture and equipment

  $ 61     $ 69  

Computer equipment

    62       62  
      123       131  

Less accumulated depreciation

    (48 )     (57 )

Property and equipment, net

  $ 75     $ 74  

 

 

7.

Accrued Liabilities

 

Accrued liabilities consisted of the following (in thousands):

 

   

March 31, 2021

   

December 31, 2020

 

Accrued clinical study costs

  $ 237     $ 13  

Accrued research and other professional fees

    143       360  

Accrued compensation

    33       483  

Accrued taxes and other liabilities

    7       8  

Total accrued liabilities

  $ 420     $ 864  

 

 

8.

Operating Lease

 

We lease certain office space under a non-cancelable operating lease. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further this lease does not contain contingent rent provisions. This lease terminates on August 31, 2022 and we do not have an option to renew. This lease does include both lease (e.g., fixed rent) and non-lease components (e.g., common-area and other maintenance costs). The non-lease components are deemed to be executory costs and are therefore excluded from the minimum lease payments used to determine the present value of the operating lease obligation and related right-of-use asset.

 

This lease does not provide an implicit rate and, due to the lack of a commercially salable product, we are generally considered unable to obtain commercial credit. Therefore, we estimated our incremental borrowing rate to be 9%, considering the quoted rates for the lowest investment-grade debt and the interest rates implicit in recent financing leases. We used our estimated incremental borrowing rate and other information available at the lease commencement date in determining the present value of the lease payments.

 

Our operating lease cost and variable lease costs were $17,000 and $14,000, respectively, for the three months ended March 31, 2021. Variable lease costs consist primarily of common area maintenance costs, insurance and taxes which are paid based upon actual costs incurred by the lessor.

 

9

 

Maturities of our operating lease obligation are as follows as of March 31, 2021 (in thousands):

 

2021

    51  

2022

    46  

Total lease payments

  $ 97  

Less interest portion

    (6 )

Present value of lease obligation

  $ 91  

 

 

9.

Shareholders Equity

 

Authorized capital stock

 

The Company has authorized share capital of an unlimited number of voting common shares and the shares do not have a stated par value.

 

Common shareholders are entitled to receive dividends as declared by the Company, if any, and are entitled to one vote per share at the Company's annual general meeting and any special meeting.

 

Equity issued during the three months ended March 31, 2021

 

During the three months ended March 31, 2021, 40,000 common shares were issued on the exercise of options for gross proceeds of $244,000 and no warrants were exercised.

 

Equity issued during the three months ended March 31, 2020

 

On February 13, 2020, we issued and sold an aggregate of 2,125,000 common shares in a public, underwritten offering at a public offering price of $4.00 per share. As a result of the offering, we received gross proceeds of $8.5 million, which resulted in net proceeds to us of approximately $7.7 million, after deducting the underwriting discount and offering expenses.

 

During the three months ended March 31, 2020, 7,200 common shares were issued on the exercise of options for gross proceeds of $16,000 and no warrants were exercised.

 

Shares reserved

 

Common shares reserved for future issuance are as follows:

 

   

March 31, 2021

 

Stock options outstanding

    1,421,094  

Deferred share units outstanding

    72,142  

Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan

    1,050,026  

Common shares issuable under common share purchase warrants

    265,000  

Total

    2,808,262  

 

 

10.

Net Loss Per Share

 

We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive.

 

10

 

The following table summarizes our calculation of net loss per common share for the periods (in thousands, except share and per share data):

 

   

Three Months Ended

March 31,

 
   

2021

   

2020

 

Net loss

  $ (3,622

)

  $ (2,425

)

Weighted average shares outstanding—basic and diluted

    18,766,656       13,107,725  

Basic and diluted net loss per share

  $ (0.19

)

  $ (0.19

)

 

The following outstanding potential common shares were not included in the diluted net loss per share calculations as their effects were not dilutive:

 

   

Three Months Ended

March 31,

 
   

2021

   

2020

 

Employee and non-employee stock options

    1,421,094       1,181,309  

Common shares issuable under common share purchase warrants

    265,000       255,000  

Common shares issuable under deferred unit awards

    72,142       21,183  

 

 

11.

Share-Based Compensation

 

2019 Omnibus Incentive Plan

 

The DiaMedica Therapeutics Inc. 2019 Omnibus Incentive Plan (2019 Plan) was adopted by the Board of Directors in March 2019 and approved by our shareholders at our annual general and special meeting of shareholders held on May 22, 2019. The 2019 Plan permits the Board, or a committee or subcommittee thereof, to grant to the Company’s eligible employees, non-employee directors and consultants non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, performance awards, non-employee director awards and other stock-based awards. We grant options to purchase common shares under the 2019 Plan at no less than the fair market value of the underlying common shares as of the date of grant. Options granted to employees and non-employee directors have a maximum term of ten years and generally vest in approximately equal quarterly installments over one to three years. Options granted to non-employees have a maximum term of five years and generally vest in approximately equal quarterly installments over one year. Subject to adjustment as provided in the 2019 Plan, the maximum number of the Company’s common shares authorized for issuance under the 2019 Plan is 2,000,000 shares. As of March 31, 2021, options to purchase 930,684 common shares were outstanding and 50,959 common shares were reserved for issuance upon settlement of deferred share units (DSUs) under the 2019 Plan.

 

Prior stock option plan

 

The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated November 6, 2018 (Prior Plan), was terminated by the Board of Directors in conjunction with the shareholder approval of the 2019 Plan. Awards outstanding under the Prior Plan remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the Prior Plan have terms similar to those used under the 2019 Plan. As of March 31, 2021, options to purchase 490,410 common shares were outstanding under the Prior Plan.

 

As the TSX Venture Exchange was the principal trading market for the Company’s common shares, all options granted prior to December 31, 2018 were priced in Canadian dollars. Options granted after December 31, 2018 have been priced in United States dollars.

 

Prior deferred share unit plan

 

The DiaMedica Therapeutics Inc. Amended and Restated Deferred Share Unit Plan (DSU Plan) was terminated by the Board of Directors in conjunction with the shareholder approval of the 2019 Plan. Awards outstanding under the DSU Plan remain outstanding in accordance with and pursuant to the terms thereof. As of March 31, 2021, there were 21,183 common shares reserved for DSUs outstanding.

 

11

 

The aggregate number of common shares reserved for issuance for awards granted under the 2019 Plan, the Prior Plan and the DSU Plan as of March 31, 2021 was 1,493,234.

 

Share-based compensation expense for each of the periods presented is as follows (in thousands):

 

   

Three Months Ended

March 31

 
   

2021

   

2020

 

Research and development

  $ 131     $ 107  

General and administrative

    380       286  

Total share-based compensation

  $ 511     $ 393  

 

We recognize share-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest.

 

A summary of option activity is as follows (in thousands except share and per share amounts):

 

   

Shares

Underlying

Options

Outstanding

   

Weighted

Average Exercise

Price Per Share

   

Aggregate

Intrinsic Value

 

Balances at December 31, 2020

    1,389,568     $ 5.38     $ 7,109  

Granted

    85,000       9.69          

Exercised

    (40,000 )     6.11       132  

Expired/cancelled

    (13,474 )     6.54          

Forfeited

                   

Balances at March 31, 2021

    1,421,094     $ 5.60     $ 5,589  

 

Information about stock options outstanding, vested and expected to vest as of March 31, 2021, is as follows:

 

       

Outstanding, Vested and Expected to Vest

   

Options Vested and Exercisable

 

Per Share Exercise

Price

 

Shares

   

Weighted Average

Remaining

Contractual Life

(Years)

   

Weighted Average

Exercise Price

   

Options

Exercisable

   

Weighted Average

Remaining

Contractual Life

(Years)

 
$2.00 -

$2.99

    120,500       4.7     $ 2.41       120,500       4.7  
$3.00 -

$3.99

    17,500       6.0       3.84       17,500       6.0  
$4.00 -

$4.99

    938,567       8.2       4.51       680,974       7.9  
$5.00 -

$9.99

    274,527       7.4       8.03       198,216       6.7  
$10.00 -

$27.06

    70,000       4.0       16.62       50,000       1.6  
          1,421,094       7.5     $ 5.60       1,067,190       7.0  

 

 

12.

Related Party Transaction

 

During 2021, we have engaged a consulting firm owned by our Vice President of Regulatory Affairs to perform certain tasks supporting our quality and regulatory activities. The work is performed as required by us and all services are invoiced on an hourly basis with no minimum commitment. Total charges invoiced were approximately $107,000 during the three-months ended March 31, 2021, and are recorded as research and development expenses, of which approximately $52,000 was outstanding and included in accounts payable as of March 31, 2021.

 

12

 
 

 

ITEM 2.         MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon accounting principles generally accepted in the United States of America and discusses the financial condition and results of operations for DiaMedica Therapeutics Inc. and its subsidiaries for the three months ended March 31, 2021 and 2020.

 

This discussion should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2020, which includes additional information about our critical accounting policies and practices and risk factors. The following discussion contains forward-looking statements that involve numerous risks and uncertainties. Our actual results could differ materially from the forward-looking statements as a result of these risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements” for additional cautionary information.

 

Business Overview

 

We are a clinical stage biopharmaceutical company primarily focused on developing novel treatments for neurological disorders and kidney diseases. Currently, our primary focus is on developing DM199, a proprietary recombinant KLK1 protein for the treatment of acute ischemic stroke (AIS) and chronic kidney disease (CKD). Our goal is to use our patented and licensed technologies to establish our Company as a leader in the development and commercialization of therapeutic treatments from novel recombinant proteins. We plan to advance DM199, our lead drug candidate, through required clinical trials to create shareholder value by establishing its clinical and commercial potential as a therapy for AIS and CKD.

 

DM199 is a recombinant form of human tissue kallikrein-1 (KLK1). KLK1 is a serine protease (protein) produced primarily in the kidneys, pancreas and salivary glands, which plays a critical role in the regulation of local blood flow and vasodilation (the widening of blood vessels which decreases blood pressure) in the body, as well as an important role in inflammation and oxidative stress (an imbalance between potentially damaging reactive oxygen species, or free radicals, and antioxidants in the body). We believe DM199 has the potential to treat a variety of diseases where healthy functioning requires sufficient activity of KLK1 and its system, the kallikrein-kinin system.

 

Our DM199 product candidate is in clinical development as follows:

 

dmt01.jpg

 

13

 

AIS Phase 2/3 ReMEDy2 Study

 

In December 2020, we received written responses from the FDA following a Type B Pre-IND meeting request that we submitted in October 2020 regarding our development plan for DM199 in the treatment of AIS. In the FDA’s written responses to the questions we provided, the FDA agreed with our proposals regarding key elements of a Phase 2/3 trial for DM199 in patients with AIS, including plans for an adaptive trial design with a primary endpoint based upon the modified Rankin Scale at day 90 and acknowledged that, provided the study results qualify, a single trial may support a Biologics License Application submission. Additionally, based upon the clinical and preclinical testing performed to date and currently in process, the FDA did not recommend any additional studies in preparation for an IND submission and initiation of our planned Phase 2/3 trial. We have filed an IND for this study and anticipate initiation of enrollment later this summer.

 

REDUX Clinical Trial

 

In October 2019, the U.S. Food and Drug Administration (FDA) accepted our Phase 2 clinical trial protocol for the treatment of CKD caused by rare or significant unmet diseases. The trial named REDUX, Latin for restore, is a multi-center, open-label investigation targeting enrollment of approximately 90 participants with mild or moderate CKD (Stage II or III) and albuminuria, who are being enrolled in three equal cohorts. The study is being conducted in the United States at 13 sites and is focused on participants with CKD: Cohort I is focused on non-diabetic, hypertensive African Americans with Stage II or III CKD. African Americans are at greater risk for CKD than Caucasians, and those African Americans who have the APOL1 gene mutation are at an even higher risk. The study is designed to capture the APOL1 gene mutation as an exploratory biomarker in this cohort. Cohort II is focused on participants with IgA Nephropathy. Cohort III, which was added after the completion of our August 2020 public offering, is focused on participants with Type 2 diabetes mellitus with CKD, hypertension and albuminuria. The study will evaluate two dose levels of DM199 within each cohort. Study participants receive DM199 by subcutaneous injection twice weekly for 95 days. The primary study endpoints include safety, tolerability, blood pressure, albuminuria and kidney function, which will be evaluated by changes from baseline in estimated glomerular filtration rate and albuminuria, as measured by the urinary albumin to creatinine ratio. Participant enrollment and dosing for this study commenced in December 2019.

 

As of April 30, 2021, we had enrolled 70 subjects, including 17 African American subjects into Cohort I, 21 subjects with IgAN into Cohort II and 32 subjects with Type 2 diabetes, hypertension and albuminuria into Cohort III of the REDUX study. Due to restrictions implemented at our clinical study sites to combat the COVID-19 pandemic, we have continued to experience slower than expected enrollment in the first two cohorts of the REDUX trial. We believe this is due to the reduction or suspension of activities at our clinical study sites as they address staff and patient safety concerns and patient concerns related to visiting clinical study sites in light of the COVID-19 pandemic. However, with the significant declines in new COVID-19 cases and the availability and effectiveness of vaccines, we currently anticipate completion of Cohort I and Cohort II in the second half of 2021. The enrollment of Cohort III was much more rapid completing in December 2020, which is likely due to the large population of potential subjects. We currently expect topline results from Cohort III to be available during the second quarter of 2021.

 

Financial Overview

 

We have not generated any revenues from product sales. Since our inception, we have financed our operations from public and private sales of equity, the exercise of warrants and stock options, interest income on funds available for investment and government grants. We have incurred losses in each year since our inception. We have incurred losses in each year since our inception. Our net losses were $3.6 million and $2.4 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, we had an accumulated deficit of $72.5 million. Substantially all of our operating losses resulted from expenses incurred in connection with the development of our DM199 product candidate, our primary research and development (R&D) activities, and general and administrative (G&A) support costs associated with our operations.

 

14

 

We expect to continue to incur significant expenses and increased operating losses for at least the next several years. In the near term, we anticipate that our expenses will increase as we:

 

 

complete our ongoing Phase 2 study of DM199 for CKD;

 

initiate and complete our pending Phase 2/3 study of DM199 for AIS;

 

complete manufacturing process development to support applications for commercial approval of DM199;

 

provide G&A support for our operations; and

 

maintain, expand and protect our intellectual property portfolio.

 

While we expect our rate of future negative cash flow per month will vary due to the timing of expenses incurred, we expect our current cash and marketable securities resources will be sufficient to allow us to complete all three cohorts in our REDUX Phase 2 study in patients with CKD, initiate our pending Phase 2/3 study in patients with AIS and to otherwise fund our planned operations for at least the next twelve months from the date of issuance of the financial statements included in this report. However, the amount and timing of future funding requirements will depend on many factors, including the timing and results of our ongoing development efforts, including enrollment in our clinical trials, the potential expansion of our current development programs, potential new development programs, related G&A support and the effects of the COVID-19 pandemic. We may require significant additional funds earlier than we currently expect and there is no assurance that we will not need or seek additional funding prior to such time. We may elect to raise additional funds even before we need them if market conditions for raising additional capital are favorable.

 

Overview of Expense Components

 

Research and Development Expenses

 

R&D expenses consist primarily of fees paid to external service providers such as contract research organizations; contractual obligations for clinical development including clinical sites, outside nursing services and laboratory testing, and preclinical trials; development of manufacturing processes, costs for production runs of DM199; salaries, benefits, and share-based compensation and other personnel costs.

 

At this time, due to the risks inherent in the clinical development process and the clinical stage of our product development programs, we are unable to estimate with any certainty the costs we will incur in the continued development of DM199 or any of our preclinical development programs. Although as previously discussed, we have experienced a delay and expect to continue to expect a delay in the timing of costs incurred in the REDUX trial as a result of the COVID-19 pandemic, we do not expect to experience a significant overall increase in costs. We intend to continue to assess the effect of the pandemic on our REDUX trial and our future trials by monitoring the spread of the COVID-19 virus and the actions implemented to combat the virus. We expect that our R&D expenses will increase in the future if we are successful in advancing DM199, or any of our preclinical programs, into advanced stages of clinical development. The process of conducting clinical trials necessary to obtain regulatory approval and manufacturing scale-up to support expanded development and potential future commercialization is costly and time consuming. Any failure by us or delay in completing clinical trials, manufacturing scale-up or in obtaining regulatory approvals could lead to increased R&D expenses and, in turn, have a material adverse effect on our results of operations.

 

General and Administrative Expenses

 

G&A expenses consist primarily of salaries and related benefits, including share-based compensation related to our executive, finance, business development and support functions. Other G&A expenses include insurance, rent and utilities, travel expenses, patent costs and professional fees for auditing, tax and legal services. We expect our G&A expenses will continue to increase in the future as we expand our development and operating activities.

 

We have instituted a number of procedural changes related to protecting the health and safety of our employees in response to the COVID-19 pandemic.Our office was closed in the second quarter of 2020 and remained closed during the first quarter of 2021 and our employees worked remotely. In addition, all non-essential travel was on hold. We have encouraged our employees to interact with each other and vendors through audio and video conferencing. We did not incur significant additional G&A expenses during the first quarter of 2021 related to these changes, nor do we expect to incur significant additional G&A expenses going forward. We expect to continue to work remotely and restrict non-essential travel for the foreseeable future.

 

15

 

Other (Income) Expense

 

Other (income) expense consists primarily of interest income and foreign currency exchange gains and losses. In past years governmental assistance – research incentives, which were associated with the ReMEDy Phase 2 stroke study, were a significant component of this line item.

 

Results of Operations

 

Comparison of the Three Months ended March 31, 2021 and 2020

 

The following table summarizes our unaudited results of operations for the three months ended March 31, 2021 and 2020 (in thousands):

 

   

Three Months Ended

March 31,

 
   

2021

   

2020

 

Operating expenses:

               

Research and development

  $ 2,406     $ 1,349  

General and administrative

    1,213       1,055  

 

Research and Development Expenses

 

R&D expenses were $2.4 million for the three months ended March 31, 2021, compared with $1.4 million for the three months ended March 31, 2020, an increase of $1.0 million. The increase was due to a number of factors including a year-over-year increase in costs incurred for our REDUX Phase 2 CKD study, and costs associated with an increase in staff levels, consulting services and non-clinical testing required to support preparation for our ReMEDy2 Phase 2/3 stroke study. These increases were partially offset by a year-over-year decrease in costs incurred for our ReMEDy Phase 2 stroke study which completed during 2020.

 

General and Administrative Expenses

 

G&A expenses were $1.2 million for the three months ended March 31, 2021, up from $1.1 million for the three months ended March 31, 2020. The increase in G&A expenses resulted primarily from increased directors and officers liability insurance, personnel and non-cash share-based compensation costs.

 

Liquidity and Capital Resources

 

The following tables summarize our liquidity and capital resources as of March 31, 2021 and December 31, 2020, and our sources and uses of cash for each of the three month periods ended March 31, 2021 and 2020, and is intended to supplement the more detailed discussion that follows (in thousands):

 

Liquidity and Capital Resources

 

March 31, 2021

   

December 31, 2020

 

Cash, cash equivalents and marketable securities

  $ 23,400     $ 27,507  

Total assets

    24,356       28,095  

Total current liabilities

    1,178       2,028  

Total shareholders’ equity

    23,145       26,014  

Working capital

    23,017       25,893  

 

16

 

   

Three Months Ended March 31,

 

Cash Flow Data

 

2021

   

2020

 

Cash flow provided by (used in):

               

Operating activities

  $ (4,313 )   $ (2,978 )

Investing activities

    (9 )     (5,301 )

Financing activities

    242       7,696  

Net decrease in cash

  $ (4,080 )   $ (583 )

 

Working Capital

 

We had cash and cash equivalents of $3.3 million, marketable securities of $20.1 million, current liabilities of $1.2 million and working capital of $23.0 million as of March 31, 2021, compared to $7.4 million in cash and cash equivalents, marketable securities of $20.1 million, $2.0 million in current liabilities and $25.9 million in working capital as of December 31, 2020. The decreases in our combined cash, cash equivalents and marketable securities and in our working capital are due primarily to our increased clinical study costs related to our REDUX Phase 2 CKD study and costs associated with preparing for our ReMEDy2 Phase 2/3 stroke study.

 

Cash Flows

 

Operating Activities

 

Net cash used in operating activities for the three months ended March 31, 2021 was $4.3 million compared to $3.0 million for the three months ended March 31, 2020. This increase relates primarily to the increase in the net loss, partially offset by the effects of the changes in operating assets and liabilities.

 

Investing Activities

 

Investing activities consist primarily of purchases and maturities of marketable securities. Net cash used in investing activities was $9,000 for the three months ended March 31, 2021 compared to $5.3 million for the three months ended March 31, 2020.

 

Financing Activities

 

Financing activities in the current year consisted primarily of net proceeds from the exercise of stock options and from the sale of common shares in the prior year period. Net cash provided by financing activities was $0.2 million and $7.7 million for the three months ended March 31, 2021 and 2020, respectively.

 

Capital Requirements

 

Since our inception, we have incurred losses while advancing the R&D of our DM199 product candidate. We have not generated any revenues from product sales and do not expect to do so for at least three to five years. We do not know when, or if, we will generate any revenues from product sales of our DM199 product candidate or any future product candidate. We do not expect to generate any revenue from product sales unless and until we obtain regulatory approval. We expect to continue to incur substantial operating losses until such time as any future product sales, royalty payments, licensing fees and/or milestone payments are sufficient to generate revenues to fund our continuing operations. We expect our operating losses to increase in the near term as we continue the research, development and clinical trials of, and seek regulatory approval for, our DM199 product candidate. In the long-term, subject to obtaining regulatory approval of our DM199 product candidate or any future product candidate and in the absence of the assistance of a strategic partner, we expect to incur significant commercialization expenses for product sales, marketing, manufacturing and distribution.

 

17

 

Accordingly, we expect we will need substantial additional capital to further our R&D activities, planned clinical trials, regulatory activities and otherwise develop our product candidate, DM199, or any future product candidates, to a point where they may be commercially sold. Although we are striving to achieve these plans, there is no assurance these and other strategies will be achieved or that additional funding will be obtained on favorable terms or at all. While our rate of future negative cash flow per month will vary due to the timing of expenses incurred, we expect our current cash resources will be sufficient to allow us to complete all three cohorts in our REDUX Phase 2 study in patients with CKD, initiate our pending Phase 2/3 study in patients with AIS and to otherwise fund our planned operations for at least the next twelve months from the date of issuance of the financial statements included in this report. However, the amount and timing of future funding requirements will depend on many factors, including the timing and results of our ongoing development efforts, the potential expansion of current development programs, potential new development programs and related G&A support. We may require significant additional funds earlier than we currently expect and there is no assurance that we will not need or seek additional funding prior to such time, especially if market conditions for raising additional capital are favorable.

 

Since our inception, we have financed our operations from public and private sales of equity, the exercise of warrants and stock options, interest income on funds available for investment and government incentive grants, and we expect to continue this practice for the foreseeable future. We do not have any existing credit facilities under which we could borrow funds. We may seek to raise additional funds through various sources, such as equity or debt financings, or through strategic collaborations and license agreements. We can give no assurances that we will be able to secure additional sources of funds to support our operations, or if such funds are available to us, that such additional financing will be sufficient to meet our needs or on terms acceptable to us. This is particularly true if our clinical data is not positive or economic and market conditions deteriorate.

 

To the extent we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our shareholders will be diluted. Debt financing, if available, may involve agreements that include conversion discounts or covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through government or other third-party funding, marketing and distribution arrangements or other collaborations, or strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. The availability of financing will be affected by our clinical data and other results of scientific and clinical research; the ability to attain regulatory approvals; market acceptance of our product candidates; the state of the capital markets generally with particular reference to pharmaceutical, biotechnology and medical companies; the status of strategic alliance agreements; and other relevant commercial considerations.

 

If adequate funding is not available, we may be required to implement cost reduction strategies; delay, reduce, or eliminate one or more of our product development programs; relinquish significant rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us; and/or divest assets or cease operations through a merger, sale, or liquidation of our Company.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements (as defined by applicable SEC regulations) that could have a current material effect or that are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

 

Critical Accounting Policies and Estimates

 

There have been no material changes to our critical accounting policies and estimates from the information provided in “Part II. Item 7, Managements Discussion and Analysis of Financial Condition and Results of OperationsCritical Accounting Policies,” included in our annual report on Form 10-K for the fiscal year ended December 31, 2020.

 

18

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a smaller reporting company, we are not required to provide disclosure pursuant to this item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (Exchange Act)) that are designed to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered in this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of such period to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There was no change in our internal control over financial reporting that occurred during the three months ended March 31, 2021 that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

 

19

 

 

PART II -

OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

 

In March 2013, we entered into a clinical research agreement with PRA Netherlands to perform a double-blinded, placebo-controlled, single-dose and multiple-dose study to evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics and proof of concept of DM199 in healthy subjects and in patients with Type 2 diabetes mellitus. In one arm of this study, we enrolled 36 patients with Type 2 diabetes who were treated with two subcutaneous dose levels of DM199 over a 28-day period. This study achieved its primary endpoint and demonstrated that DM199 was well-tolerated. The secondary endpoints for this study, however, were not met. The secondary efficacy endpoints were confounded due to what we believe were significant execution errors caused by protocol deviations occurring at the clinical trial site that were unable to be reconciled. To date, we have been unable to obtain the complete study records from PRA Netherlands and generate a final study report. On November 14, 2017, we initiated litigation with PRA Netherlands in the United States District Court, Southern District of New York, to compel PRA Netherlands to comply with the terms of the clinical research agreement, including providing full study records and to recover damages. After PRA Netherlands objected to personal jurisdiction and venue, on August 24, 2018, we re-filed our complaint against both PRA Netherlands and its U.S. parent, PRA Health Sciences, Inc. (PRA USA and collectively with PRA Netherlands, PRA), in the United States District Court, District of Delaware. PRA again objected to the venue and personal jurisdiction. The complaint alleges, among other things, that PRA failed to conduct the study in accordance with the study protocol and with generally accepted standards for conducting such clinical trials and that PRA further refused to provide us with all data, records and documentation, and/or access thereto, related to the study in accordance with the clinical trial study agreement. The complaint sought to compel PRA to comply with the terms of the clinical trial study agreement, including providing full study records and to recover damages. On November 19, 2018, PRA Netherlands and PRA USA filed motions to dismiss the lawsuit. On February 20, 2019, we filed a motion seeking to transfer the Delaware action to the United States District Court, District of Minnesota. PRA Netherlands and PRA USA filed an opposition to our motion. On September 21, 2020, the District Court judge issued a ruling denying our motion to transfer indicating that DiaMedica had not met the required standards to support a venue transfer. We believe that, based upon the rationale utilized in the opinion, that the case will likely be dismissed for lack of personal jurisdiction over PRA Netherlands. On November 2, 2020, a final dismissal order was issued by the District Court judge. Due to the uncertainty inherent in appealing this ruling, we have chosen to cease action in the United States and file our claims against PRA Netherlands directly in a Dutch Court. On November 13, 2020, PRA Netherlands was served with our complaint. PRA Netherlands and PRA USA filed their initial appearances with the Dutch Court on February 24, 2021, and are due to submit their defense, bringing forward all procedural and substances defenses. However, before that time, we intend to file a motion to move the case to the Netherlands Commercial Court (NCC), which specializes in handling international commercial disputes and provides more flexibility to accommodate the specific needs of an individual case. If the case is moved to the NCC, the existing deadlines could change.

 

From time to time, we may be subject to other various ongoing or threatened legal actions and proceedings, including those that arise in the ordinary course of business, which may include employment matters and breach of contract disputes. Such matters are subject to many uncertainties and to outcomes that are not predictable with assurance and that may not be known for extended periods of time. Other than the PRA matter noted above, we are not currently engaged in or aware of any threatened legal actions.

 

ITEM 1A.

RISK FACTORS

 

As a smaller reporting company, we are not required to provide disclosure pursuant to this item.

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

We did not sell any unregistered equity securities of our Company during the quarter ended March 31, 2021.

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

 

None.

 

20

 

ITEM 4.

MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5.

OTHER INFORMATION

 

Not applicable.

 

ITEM 6.

EXHIBITS

 

The following exhibits are being filed or furnished with this quarterly report on Form 10-Q:

 

Exhibit

No.

 

Description

 

Manner of Filing

3.1

 

Notice of Articles of DiaMedica Therapeutics Inc. dated May 31, 2019

 

Incorporated by reference to Exhibit 3.1 to DiaMedica’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on June 4, 2019 (File No. 001-36291)

3.2

 

Articles of DiaMedica Therapeutics Inc. dated May 31, 2019

 

Incorporated by reference to Exhibit 3.2 to DiaMedica’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on June 4, 2019 (File No. 001-36291)

31.1

 

Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

Filed herewith

31.2

 

Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

Filed herewith

32.1

 

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Furnished herewith

32.2

 

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Furnished herewith

101

 

Financial statements from the quarterly report on Form 10-Q of DiaMedica Therapeutics Inc. for the quarter ended March 31, 2021, formatted in XBRL: (i) the Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) Condensed Consolidated Statements of Shareholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v)  Notes to the Condensed Consolidated Financial Statements.

 

Filed herewith

 

21

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

DIAMEDICA THERAPEUTICS INC.

   

Date: May 5, 2021

/s/ Rick Pauls

 

Rick Pauls

President and Chief Executive Officer

 

(Principal Executive Officer)

   

Date: May 5, 2021

/s/ Scott Kellen

 

Scott Kellen

Chief Financial Officer

 

(Principal Financial Officer and Principal Accounting Officer)

 

22
EX-31.1 2 ex_246297.htm EXHIBIT 31.1 ex_246297.htm

 

Exhibit 31.1

 

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) UNDER THE SECURITIES

EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Rick Pauls, certify that:

 

1.

I have reviewed this Quarterly Report on Form 10-Q of DiaMedica Therapeutics Inc.;

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

   

 

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

   

 

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

   

 

 

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Dated: May 5, 2021 

 

/s/ Rick Pauls

 

 

Rick Pauls 

 

 

President and Chief Executive Officer 

    (Principal Executive Officer)

 

 
EX-31.2 3 ex_246298.htm EXHIBIT 31.2 ex_246298.htm

 

Exhibit 31.2

 

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) UNDER THE SECURITIES

EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Scott Kellen, certify that:

 

1.

I have reviewed this Quarterly Report on Form 10-Q of DiaMedica Therapeutics Inc.;

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

   

 

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

   

 

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

   

 

 

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Dated: May 5, 2021 

 

/s/ Scott Kellen

 

 

 

Scott Kellen 

 

 

 

Chief Financial Officer 

 

    (Principal Financial Officer)  

 

 
EX-32.1 4 ex_246299.htm EXHIBIT 32.1 ex_246299.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Rick Pauls, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)

the Quarterly Report on Form 10-Q of DiaMedica Therapeutics Inc. for the quarter ended March 31, 2021 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DiaMedica Therapeutics Inc.

 

Dated: May 5, 2021

 

 

 

/s/ Rick Pauls

 

Rick Pauls

 

President and Chief Executive Officer

 

(Principal Executive Officer)

 

 
EX-32.2 5 ex_246300.htm EXHIBIT 32.2 ex_246300.htm

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Scott Kellen, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)

the Quarterly Report on Form 10-Q of DiaMedica Therapeutics Inc. for the quarter ended March 31, 2021 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DiaMedica Therapeutics Inc.

 

Dated: May 5, 2021

 

 

/s/ Scott Kellen

 

Scott Kellen

 

Chief Financial Officer

 

(Principal Financial Officer)

 

 
EX-101.INS 6 dmac-20210331.xml XBRL INSTANCE DOCUMENT false --12-31 Q1 2021 2021-03-31 10-Q 0001401040 18786157 Yes true true Non-accelerated Filer Yes DiaMedica Therapeutics Inc. false true Voting common shares, no par value per share dmac 237000 13000 143000 360000 7000 8000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 85%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Stock options outstanding</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Deferred share units outstanding</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">72,142</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">1,050,026</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common shares issuable under common share purchase warrants</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">265,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">2,808,262</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="30" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Fair Value Measurements Using Inputs Considered as of:</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="14" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="14" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level</div> <div style="display: inline; font-weight: bold;">1</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level</div> <div style="display: inline; font-weight: bold;">3</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 1</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 3</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 20%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Government securities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6,004</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6,004</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8,924</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8,924</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Bank certificates of deposit</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">245</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">245</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">496</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">496</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Commercial paper and corporate bonds</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">13,823</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">13,823</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,678</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,678</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,072</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,072</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,098</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,098</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 115000 14000 13000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Patent costs</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were <div style="display: inline; font-style: italic; font: inherit;">$48,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$32,000</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> respectively.</div></div></div></div></div></div></div></div> 48000 32000 7700000 289000 289000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Risks and Uncertainties</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">DiaMedica operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in the European Union and comparable agencies in other countries. We are in the clinical stage of development of our initial product candidate, <div style="display: inline; font-style: italic; font: inherit;">DM199,</div> for the treatment of AIS and CKD. The Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> completed the development of any product candidate and, accordingly, has <div style="display: inline; font-style: italic; font: inherit;">not</div> begun to commercialize any product candidate or generate any revenues from the commercial sale of any product candidate. <div style="display: inline; font-style: italic; font: inherit;">DM199</div> requires significant additional clinical testing and investment prior to seeking marketing approval and is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to be commercially available for at least <div style="display: inline; font-style: italic; font: inherit;">three</div> to <div style="display: inline; font-style: italic; font: inherit;">five</div> years, if at all. The Company's future success is dependent upon the success of its development efforts, its ability to demonstrate clinical progress for its <div style="display: inline; font-style: italic; font: inherit;">DM199</div> product candidate in the United States or other markets, its ability to obtain required governmental approvals of its product candidate, its ability to license or market and sell its <div style="display: inline; font-style: italic; font: inherit;">DM199</div> product candidate and its ability to obtain additional financing to fund these efforts.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>we have incurred losses of <div style="display: inline; font-style: italic; font: inherit;">$72.5</div> million since our inception in <div style="display: inline; font-style: italic; font: inherit;">2000.</div> For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>we incurred a net loss of <div style="display: inline; font-style: italic; font: inherit;">$3.6</div>&nbsp;million and negative cash flows from operating activities of <div style="display: inline; font-style: italic; font: inherit;">$4.3</div> million. We expect to continue to incur operating losses until such time as any future product sales, royalty payments, licensing fees, and/or milestone payments generate revenue sufficient to fund our continuing operations. For the foreseeable future, we expect to incur significant operating losses as we continue the development and clinical trials of, and to seek regulatory approval for, our <div style="display: inline; font-style: italic; font: inherit;">DM199</div> product candidate. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>DiaMedica had cash and cash equivalents of <div style="display: inline; font-style: italic; font: inherit;">$3.3</div> million, marketable securities of <div style="display: inline; font-style: italic; font: inherit;">$20.1</div> million, working capital of <div style="display: inline; font-style: italic; font: inherit;">$23.0</div> million and shareholders' equity of <div style="display: inline; font-style: italic; font: inherit;">$23.1</div> million. Our principal source of cash has been net proceeds from the issuance of equity securities. Although the Company has previously been successful in obtaining financing through equity securities offerings, there is <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that we will be able to do so in the future. This is particularly true if our clinical data is <div style="display: inline; font-style: italic; font: inherit;">not</div> positive or economic and market conditions deteriorate.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We expect that we will need substantial additional capital to further our research and development activities, complete the required clinical trials and regulatory activities and otherwise develop our product candidate, <div style="display: inline; font-style: italic; font: inherit;">DM199,</div> or any future product candidates, to a point where they <div style="display: inline; font-style: italic; font: inherit;"> may </div>be commercially sold. We expect our current cash, cash equivalents and marketable securities, to be sufficient to allow us to complete our currently ongoing Phase <div style="display: inline; font-style: italic; font: inherit;">2</div> study in patients with CKD and to otherwise fund our planned operations for at least the next <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months from the date of issuance of these financial statements. However, the amount and timing of our future funding requirements will depend on many factors, including the timing and results of ongoing development efforts, the potential expansion of current development programs, potential new development programs and related general and administrative support. We <div style="display: inline; font-style: italic; font: inherit;"> may </div>require significant additional funds earlier than we currently expect and there is <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that we will <div style="display: inline; font-style: italic; font: inherit;">not</div> need or seek additional funding prior to such time, especially if market conditions for raising capital are favorable.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div></div> 0 0 23000000 420000 864000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Accrued Liabilities</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accrued liabilities consisted of the following (in thousands):</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued clinical study costs</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 1pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 1pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">237</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued research and other professional fees</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">143</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">360</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued compensation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">483</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued taxes and other liabilities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total accrued liabilities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">420</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">864</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 689000 1099000 52000 337000 340000 420000 864000 48000 57000 -4000 -2000 95680000 94925000 819000 131000 107000 380000 286000 511000 393000 1421094 1181309 265000 255000 72142 21183 24356000 28095000 24195000 27921000 161000 174000 6004000 6004000 8924000 8924000 245000 245000 496000 496000 13823000 13823000 10678000 10678000 20072000 20072000 20098000 20098000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interim financial statements</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-Q and Regulation S-<div style="display: inline; font-style: italic; font: inherit;">X</div> of the Securities and Exchange Commission (SEC). Accordingly, they do <div style="display: inline; font-style: italic; font: inherit;">not</div> include all of the information and footnotes required by US GAAP for complete financial statements. These condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly our consolidated financial position, consolidated results of operations, consolidated statement of shareholders' equity and consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on <div style="display: inline; font-style: italic; font: inherit;"> December 31. </div>The condensed consolidated balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>was derived from our audited consolidated financial statements. Certain prior year amounts have been reclassified to conform to the current year presentation. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements and the notes thereto. The nature of our business is such that the results of any interim period <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be indicative of the results to be expected for the entire year.</div></div></div></div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Business</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">DiaMedica Therapeutics Inc. and its wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. (collectively we, us, our, DiaMedica and the Company), are focused on developing novel treatments for neurological disorders and kidney diseases. Currently, our primary focus is on developing DM <div style="display: inline; font-style: italic; font: inherit;">199,</div> a proprietary recombinant human tissue kallikrein-<div style="display: inline; font-style: italic; font: inherit;">1</div> (<div style="display: inline; font-style: italic; font: inherit;">KLK1</div>) protein for the treatment of acute ischemic stroke (AIS) and chronic kidney disease (CKD). Our parent company is governed under the British Columbia Business Corporations Act, and our common shares are publicly traded on The Nasdaq Capital Market under the symbol &#x201c;DMAC.&#x201d;</div></div> 3329000 7409000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash and cash equivalents</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less, to be cash and cash equivalents. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments.</div></div></div></div></div></div></div></div> 3300000 7409000 3883000 3329000 3300000 -4080000 -583000 50959 21183 1493234 1421094 72142 1050026 265000 2808262 0 0 Unlimited Unlimited 18786157 18746157 18786157 18746157 -3624000 -2385000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of credit risk</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with <div style="display: inline; font-style: italic; font: inherit;">one</div> financial institution. These balances generally exceed federally insured limits. The Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced any losses in such accounts and believes it is <div style="display: inline; font-style: italic; font: inherit;">not</div> exposed to any significant credit risk in cash and cash equivalents. The Company believes that the credit risk related to marketable securities is limited due to the adherence to an investment policy focused on the preservation of principal.</div></div></div></div></div></div></div></div> 6000 6000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Share-Based Compensation</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">2019</div> Omnibus Incentive Plan</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The DiaMedica Therapeutics Inc. <div style="display: inline; font-style: italic; font: inherit;">2019</div> Omnibus Incentive Plan (<div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan) was adopted by the Board of Directors in <div style="display: inline; font-style: italic; font: inherit;"> March 2019 </div>and approved by our shareholders at our annual general and special meeting of shareholders held on <div style="display: inline; font-style: italic; font: inherit;"> May 22, 2019. </div>The <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan permits the Board, or a committee or subcommittee thereof, to grant to the Company's eligible employees, non-employee directors and consultants non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, performance awards, non-employee director awards and other stock-based awards. We grant options to purchase common shares under the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan at <div style="display: inline; font-style: italic; font: inherit;">no</div> less than the fair market value of the underlying common shares as of the date of grant. Options granted to employees and non-employee directors have a maximum term of <div style="display: inline; font-style: italic; font: inherit;">ten</div> years and generally vest in approximately equal quarterly installments over <div style="display: inline; font-style: italic; font: inherit;">one</div> to <div style="display: inline; font-style: italic; font: inherit;">three</div> years. Options granted to non-employees have a maximum term of <div style="display: inline; font-style: italic; font: inherit;">five</div> years and generally vest in approximately equal quarterly installments over <div style="display: inline; font-style: italic; font: inherit;">one</div> year. Subject to adjustment as provided in the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan, the maximum number of the Company's common shares authorized for issuance under the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan is <div style="display: inline; font-style: italic; font: inherit;">2,000,000</div> shares. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>options to purchase <div style="display: inline; font-style: italic; font: inherit;">930,684</div> common shares were outstanding and <div style="display: inline; font-style: italic; font: inherit;">50,959</div> common shares were reserved for issuance upon settlement of deferred share units (DSUs) under the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Prior stock option plan</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated <div style="display: inline; font-style: italic; font: inherit;"> November 6, 2018 (</div>Prior Plan), was terminated by the Board of Directors in conjunction with the shareholder approval of the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan. Awards outstanding under the Prior Plan remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the Prior Plan have terms similar to those used under the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>options to purchase <div style="display: inline; font-style: italic; font: inherit;">490,410</div> common shares were outstanding under the Prior Plan.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As the TSX Venture Exchange was the principal trading market for the Company's common shares, all options granted prior to <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>were priced in Canadian dollars. Options granted after <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>have been priced in United States dollars.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Prior deferred share unit plan</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The DiaMedica Therapeutics Inc. Amended and Restated Deferred Share Unit Plan (DSU Plan) was terminated by the Board of Directors in conjunction with the shareholder approval of the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan. Awards outstanding under the DSU Plan remain outstanding in accordance with and pursuant to the terms thereof. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>there were <div style="display: inline; font-style: italic; font: inherit;">21,183</div> common shares reserved for DSUs outstanding.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The aggregate number of common shares reserved for issuance for awards granted under the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Plan, the Prior Plan and the DSU Plan as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>was <div style="display: inline; font-style: italic; font: inherit;">1,493,234.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Share-based compensation expense for each of the periods presented is as follows (in thousands):</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended</div></div></div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Research and development</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">131</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">107</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">General and administrative</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">380</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">286</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total share-based compensation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">511</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">393</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We recognize share-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A summary of option activity is as follows (in thousands except share and per share amounts):</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table cellpadding="0pt" cellspacing="0pt" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-left: 0pt; margin-right: 0pt; min-width: 700px;"> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Shares</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Underlying</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average Exercise</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Price Per Share</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Aggregate</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Intrinsic Value</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balances at December 31, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,389,568</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5.38</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7,109</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">85,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">9.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 15%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(40,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.11</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">132</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Expired/cancelled</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(13,474</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.54</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 15%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Forfeited</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 15%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balances at March 31, 2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5.60</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5,589</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Information about stock options outstanding, vested and expected to vest as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>is as follows:</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table cellpadding="0pt" cellspacing="0pt" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-left: 0pt; margin-right: 0pt; min-width: 700px;"> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 32%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding, Vested and Expected to Vest</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options Vested and Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td colspan="3" rowspan="1" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%; border-bottom: 1px solid black;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">Per Share Exercise </div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">Price</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Shares</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted Average </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Remaining </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contractual Life </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted Average </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted Average </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Remaining </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contractual Life </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$2.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$2.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">120,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">2.41</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">120,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$3.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$3.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">17,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">3.84</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">17,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$4.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$4.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">938,567</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8.2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.51</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">680,974</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$5.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$9.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">274,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8.03</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">198,216</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$10.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$27.06</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">16.62</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">50,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1.6</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5.60</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,067,190</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> -0.19 -0.19 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Net Loss Per Share </div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following table summarizes our calculation of net loss per common share for the periods (in thousands, except share and per share data):</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended</div></div></div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31,</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net loss</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(3,622</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(2,425</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Weighted average shares outstanding&#x2014;basic and diluted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">18,766,656</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">13,107,725</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Basic and diluted net loss per share</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(0.19</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(0.19</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following outstanding potential common shares were <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the diluted net loss per share calculations as their effects were <div style="display: inline; font-style: italic; font: inherit;">not</div> dilutive:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended</div></div></div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31,</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Employee and non-employee stock options</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,181,309</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common shares issuable under common share purchase warrants</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">265,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">255,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common shares issuable under deferred unit awards</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">72,142</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">21,183</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 33000 483000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value measurements</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The hierarchy is broken down into <div style="display: inline; font-style: italic; font: inherit;">three</div> levels defined as follows:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><div style="display: inline; font-style: italic;">Level <div style="display: inline; font-style: italic; font: inherit;">1</div> Inputs</div> &#x2014; quoted prices in active markets for identical assets and liabilities</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><div style="display: inline; font-style: italic;">Level <div style="display: inline; font-style: italic; font: inherit;">2</div> Inputs</div> &#x2014; observable inputs other than quoted prices in active markets for identical assets and liabilities</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><div style="display: inline; font-style: italic;">Level <div style="display: inline; font-style: italic; font: inherit;">3</div> Inputs</div> &#x2014; unobservable inputs</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company believes that the carrying amounts of its other financial instruments, including amounts receivable, accounts payable and accrued liabilities, approximate their fair value due to the short-term maturities of these instruments. See Note <div style="display: inline; font-style: italic; font: inherit;">4,</div> titled &#x201c;<div style="display: inline; font-style: italic;">Marketable Securities</div>&#x201d; for additional information.</div></div></div></div></div></div></div></div> 6000 6000 5000 7000 2000 2000 1213000 1055000 -3615000 -2416000 7000 9000 4000 2000 -410000 262000 -3000 162000 -458000 -654000 383000 397000 37000 34000 -26000 14000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Marketable Securities</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The available-for-sale marketable securities are primarily comprised of investments in commercial paper, corporate bonds and government securities and consist of the following, measured at fair value on a recurring basis (in thousands):</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="30" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Fair Value Measurements Using Inputs Considered as of:</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="14" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td colspan="14" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level</div> <div style="display: inline; font-weight: bold;">1</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level</div> <div style="display: inline; font-weight: bold;">3</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 1</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 3</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 20%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Government securities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6,004</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6,004</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8,924</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8,924</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Bank certificates of deposit</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">245</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">245</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">496</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">496</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Commercial paper and corporate bonds</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">13,823</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">13,823</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,678</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,678</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,072</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,072</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,098</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">20,098</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 7%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accrued interest receivable on available-for-sale securities is included in amounts receivable and was <div style="display: inline; font-style: italic; font: inherit;">$37,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$34,000</div> as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>respectively.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">There were <div style="display: inline; font-style: italic; font: inherit;">no</div> transfers of assets between Level <div style="display: inline; font-style: italic; font: inherit;">1</div> and Level <div style="display: inline; font-style: italic; font: inherit;">2</div> of the fair value measurement hierarchy during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Under the terms of the Company's investment policy, purchases of marketable securities are limited to investment grade governmental and corporate obligations and bank certificates of deposit with a primary objective of principal preservation. Maturities of individual securities are less than <div style="display: inline; font-style: italic; font: inherit;">one</div> year and the amortized cost of all securities approximated fair value as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div></div> 0.09 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 85%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">51</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">46</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total lease payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">97</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Less interest portion</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(6</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Present value of lease obligation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">91</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 97000 46000 51000 6000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">8.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Operating Lease</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We lease certain office space under a non-cancelable operating lease. This lease does <div style="display: inline; font-style: italic; font: inherit;">not</div> have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further this lease does <div style="display: inline; font-style: italic; font: inherit;">not</div> contain contingent rent provisions. This lease terminates on <div style="display: inline; font-style: italic; font: inherit;"> August 31, 2022 </div>and we do <div style="display: inline; font-style: italic; font: inherit;">not</div> have an option to renew. This lease does include both lease (e.g., fixed rent) and non-lease components (e.g., common-area and other maintenance costs). The non-lease components are deemed to be executory costs and are therefore excluded from the minimum lease payments used to determine the present value of the operating lease obligation and related right-of-use asset.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">This lease does <div style="display: inline; font-style: italic; font: inherit;">not</div> provide an implicit rate and, due to the lack of a commercially salable product, we are generally considered unable to obtain commercial credit. Therefore, we estimated our incremental borrowing rate to be <div style="display: inline; font-style: italic; font: inherit;">9%,</div> considering the quoted rates for the lowest investment-grade debt and the interest rates implicit in recent financing leases. We used our estimated incremental borrowing rate and other information available at the lease commencement date in determining the present value of the lease payments.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our operating lease cost and variable lease costs were <div style="display: inline; font-style: italic; font: inherit;">$17,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$14,000,</div> respectively, for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021. </div>Variable lease costs consist primarily of common area maintenance costs, insurance and taxes which are paid based upon actual costs incurred by the lessor.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Maturities of our operating lease obligation are as follows as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 (</div>in thousands):</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 85%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">51</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">2022</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">46</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Total lease payments</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">97</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Less interest portion</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(6</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Present value of lease obligation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">91</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 24356000 28095000 1178000 2028000 33000 53000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Amounts Receivable</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Amounts receivable consisted of the following (in thousands):</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Research and development incentives</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">289</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">289</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Sales-based taxes receivable</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total amounts receivable</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">337</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">340</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 20100000 20072000 20098000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Marketable securities</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company's marketable securities typically consist of obligations of the United States government and its agencies, investment grade corporate obligations and bank certificates of deposit, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using <div style="display: inline; font-style: italic; font: inherit;">third</div> party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of shareholders' equity in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income in the condensed consolidated statements of operations.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that <div style="display: inline; font-style: italic; font: inherit;"> may </div>indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than <div style="display: inline; font-style: italic; font: inherit;">not</div> be forced to sell the security before recovering its cost, or (iii) does <div style="display: inline; font-style: italic; font: inherit;">not</div> expect to recover the security's amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported as a component of shareholders' equity in accumulated other comprehensive income (loss). There were <div style="display: inline; font-style: italic; font: inherit;">no</div> other-than-temporary unrealized losses as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021.</div></div></div></div></div></div></div></div></div> 242000 7696000 -9000 -5301000 -4313000 -2978000 -3622000 -3622000 -2425000 -2425000 4000 -12000 -3619000 -2404000 17000 91000 63000 59000 28000 46000 86000 100000 -2000 -2000 40000 40000 4000 -127000 44000 49000 11923000 8799000 9000 2000 457000 74000 8500000 7682000 11921000 3500000 2000 244000 16000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Property and Equipment</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Property and equipment consisted of the following (in thousands):</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Furniture and equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">61</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">62</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">62</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">123</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">131</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less accumulated depreciation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(48</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">75</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 61000 69000 62000 62000 123000 131000 75000 74000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Furniture and equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">61</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">62</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">62</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">123</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">131</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less accumulated depreciation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(48</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(57</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">75</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">74</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 107000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">12.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Related Party Transaction</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">During <div style="display: inline; font-style: italic; font: inherit;">2021,</div> we have engaged a consulting firm owned by our Vice President of Regulatory Affairs to perform certain tasks supporting our quality and regulatory activities. The work is performed as required by us and all services are invoiced on an hourly basis with <div style="display: inline; font-style: italic; font: inherit;">no</div> minimum commitment. Total charges invoiced were approximately <div style="display: inline; font-style: italic; font: inherit;">$107,000</div> during the <div style="display: inline; font-style: italic; font: inherit;">three</div>-months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>and are recorded as research and development expenses, of which approximately <div style="display: inline; font-style: italic; font: inherit;">$52,000</div> was outstanding and included in accounts payable as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div></div> 2406000 1349000 -72531000 -68909000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Research and development incentives</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">289</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">289</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Sales-based taxes receivable</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">44</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">49</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total amounts receivable</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">337</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">340</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">December 31, 2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued clinical study costs</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 1pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 1pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">237</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued research and other professional fees</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">143</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">360</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued compensation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">483</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Accrued taxes and other liabilities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total accrued liabilities</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">420</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">864</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended</div></div></div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31,</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Employee and non-employee stock options</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,181,309</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common shares issuable under common share purchase warrants</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">265,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">255,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common shares issuable under deferred unit awards</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">72,142</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">21,183</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended</div></div></div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31,</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net loss</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(3,622</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(2,425</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Weighted average shares outstanding&#x2014;basic and diluted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">18,766,656</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">13,107,725</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Basic and diluted net loss per share</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(0.19</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(0.19</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</div> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Three Months Ended</div></div></div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 70%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Research and development</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">131</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">107</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">General and administrative</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">380</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">286</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total share-based compensation</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">511</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">393</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0pt" cellspacing="0pt" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-left: 0pt; margin-right: 0pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 32%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding, Vested and Expected to Vest</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 18%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options Vested and Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td colspan="3" rowspan="1" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 6%; border-bottom: 1px solid black;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">Per Share Exercise </div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;">Price</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Shares</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted Average </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Remaining </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contractual Life </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted Average </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercise Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Exercisable</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted Average </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Remaining </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Contractual Life </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">(Years)</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$2.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$2.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">120,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">2.41</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">120,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$3.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$3.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">17,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">3.84</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">17,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$4.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$4.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">938,567</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8.2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.51</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">680,974</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$5.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$9.99</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">274,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.4</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8.03</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">198,216</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.7</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">$10.00</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">$27.06</div></div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">70,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">16.62</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">50,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1.6</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 4%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 2%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 12%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 11%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.5</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5.60</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,067,190</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7.0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0pt" cellspacing="0pt" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; margin-left: 0pt; margin-right: 0pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Shares</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Underlying</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Options </div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Outstanding</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Weighted</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Average Exercise</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Price Per Share</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Aggregate</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Intrinsic Value</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balances at December 31, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,389,568</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5.38</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">7,109</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">85,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">9.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 15%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(40,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.11</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">132</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Expired/cancelled</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(13,474</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">6.54</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 15%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Forfeited</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 15%;"><div style="display: inline; font-style: italic; font: inherit;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 46%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balances at March 31, 2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5.60</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5,589</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 511000 393000 P1Y P3Y P1Y 2000000 132000 13474 85000 7109000 5589000 930684 490410 1389568 1421094 5.38 5.60 6.11 6.54 9.69 2 3 4 5 10 120500 17500 680974 198216 50000 1067190 120500 17500 938567 274527 70000 1421094 2.99 3.99 4.99 9.99 27.06 P10Y P5Y P4Y255D P6Y P7Y328D P6Y255D P1Y219D P7Y 2.41 3.84 4.51 8.03 16.62 5.60 P4Y255D P6Y P8Y73D P7Y146D P4Y P7Y182D 4 18746157 18786157 12006874 14139074 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Summary of Significant Accounting Policies</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interim financial statements</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-Q and Regulation S-<div style="display: inline; font-style: italic; font: inherit;">X</div> of the Securities and Exchange Commission (SEC). Accordingly, they do <div style="display: inline; font-style: italic; font: inherit;">not</div> include all of the information and footnotes required by US GAAP for complete financial statements. These condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly our consolidated financial position, consolidated results of operations, consolidated statement of shareholders' equity and consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on <div style="display: inline; font-style: italic; font: inherit;"> December 31. </div>The condensed consolidated balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>was derived from our audited consolidated financial statements. Certain prior year amounts have been reclassified to conform to the current year presentation. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements and the notes thereto. The nature of our business is such that the results of any interim period <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be indicative of the results to be expected for the entire year.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash and cash equivalents</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less, to be cash and cash equivalents. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of credit risk</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with <div style="display: inline; font-style: italic; font: inherit;">one</div> financial institution. These balances generally exceed federally insured limits. The Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced any losses in such accounts and believes it is <div style="display: inline; font-style: italic; font: inherit;">not</div> exposed to any significant credit risk in cash and cash equivalents. The Company believes that the credit risk related to marketable securities is limited due to the adherence to an investment policy focused on the preservation of principal.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Marketable securities</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company's marketable securities typically consist of obligations of the United States government and its agencies, investment grade corporate obligations and bank certificates of deposit, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using <div style="display: inline; font-style: italic; font: inherit;">third</div> party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of shareholders' equity in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income in the condensed consolidated statements of operations.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that <div style="display: inline; font-style: italic; font: inherit;"> may </div>indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than <div style="display: inline; font-style: italic; font: inherit;">not</div> be forced to sell the security before recovering its cost, or (iii) does <div style="display: inline; font-style: italic; font: inherit;">not</div> expect to recover the security's amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported as a component of shareholders' equity in accumulated other comprehensive income (loss). There were <div style="display: inline; font-style: italic; font: inherit;">no</div> other-than-temporary unrealized losses as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value measurements</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The hierarchy is broken down into <div style="display: inline; font-style: italic; font: inherit;">three</div> levels defined as follows:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><div style="display: inline; font-style: italic;">Level <div style="display: inline; font-style: italic; font: inherit;">1</div> Inputs</div> &#x2014; quoted prices in active markets for identical assets and liabilities</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><div style="display: inline; font-style: italic;">Level <div style="display: inline; font-style: italic; font: inherit;">2</div> Inputs</div> &#x2014; observable inputs other than quoted prices in active markets for identical assets and liabilities</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><div style="display: inline; font-style: italic;">Level <div style="display: inline; font-style: italic; font: inherit;">3</div> Inputs</div> &#x2014; unobservable inputs</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company believes that the carrying amounts of its other financial instruments, including amounts receivable, accounts payable and accrued liabilities, approximate their fair value due to the short-term maturities of these instruments. See Note <div style="display: inline; font-style: italic; font: inherit;">4,</div> titled &#x201c;<div style="display: inline; font-style: italic;">Marketable Securities</div>&#x201d; for additional information.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Patent costs</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were <div style="display: inline; font-style: italic; font: inherit;">$48,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$32,000</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> respectively.</div></div> 511000 511000 393000 393000 2125000 2125000 40000 7200 40000 7200 40000 7682000 7682000 244000 16000 244000 16000 23145000 94925000 -2000 -68909000 26014000 95680000 -4000 -72531000 64232000 2000 -56617000 7617000 73323000 42000 -59042000 13323000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">9.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Shareholders</div>'<div style="display: inline; font-weight: bold;"> Equity</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Authorized capital stock</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company has authorized share capital of an unlimited number of voting common shares and the shares do <div style="display: inline; font-style: italic; font: inherit;">not</div> have a stated par value.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Common shareholders are entitled to receive dividends as declared by the Company, if any, and are entitled to <div style="display: inline; font-style: italic; font: inherit;">one</div> vote per share at the Company's annual general meeting and any special meeting.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Equity issued during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">During the <div style="display: inline; 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font-style: italic; font: inherit;"> February 13, 2020, </div>we issued and sold an aggregate of <div style="display: inline; font-style: italic; font: inherit;">2,125,000</div> common shares in a public, underwritten offering at a public offering price of <div style="display: inline; font-style: italic; font: inherit;">$4.00</div> per share. As a result of the offering, we received gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$8.5</div> million, which resulted in net proceeds to us of approximately <div style="display: inline; font-style: italic; font: inherit;">$7.7</div> million, after deducting the underwriting discount and offering expenses.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">7,200</div> common shares were issued on the exercise of options for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$16,000</div> and <div style="display: inline; font-style: italic; font: inherit;">no</div> warrants were exercised.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Shares reserved</div></div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Common shares reserved for future issuance are as follows:</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">March 31, 2021</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 85%;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Stock options outstanding</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">1,421,094</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Deferred share units outstanding</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">72,142</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">1,050,026</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Common shares issuable under common share purchase warrants</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">265,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; 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Document And Entity Information - shares
3 Months Ended
Mar. 31, 2021
May 03, 2021
Document Information [Line Items]    
Entity Registrant Name DiaMedica Therapeutics Inc.  
Entity Central Index Key 0001401040  
Trading Symbol dmac  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company true  
Entity Ex Transition Period true  
Entity Small Business true  
Entity Interactive Data Current Yes  
Entity Common Stock, Shares Outstanding (in shares)   18,786,157
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Title of 12(b) Security Voting common shares, no par value per share  
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 3,329 $ 7,409
Marketable securities 20,072 20,098
Amounts receivable 337 340
Prepaid expenses and other assets 457 74
Total current assets 24,195 27,921
Non-current assets:    
Operating lease right-of-use asset 86 100
Property and equipment, net 75 74
Total non-current assets 161 174
Total assets 24,356 28,095
Current liabilities:    
Accounts payable 689 1,099
Accrued liabilities 420 864
Finance lease obligation 6 6
Operating lease obligation 63 59
Total current liabilities 1,178 2,028
Non-current liabilities:    
Finance lease obligation, non-current 5 7
Operating lease obligation, non-current 28 46
Total non-current liabilities 33 53
Shareholders’ equity:    
Common shares, no par value; unlimited authorized; 18,786,157 and 18,746,157 shares issued and outstanding, as of March 31, 2021 and December 31, 2020, respectively
Paid-in capital 95,680 94,925
Accumulated other comprehensive loss (4) (2)
Accumulated deficit (72,531) (68,909)
Total shareholders’ equity 23,145 26,014
Total liabilities and shareholders’ equity $ 24,356 $ 28,095
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
$ / shares in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Common shares, par value (in dollars per share) $ 0 $ 0
Common shares, authorized Unlimited Unlimited
Common shares, issued (in shares) 18,786,157 18,746,157
Common shares, outstanding (in shares) 18,786,157 18,746,157
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating expenses:    
Research and development $ 2,406 $ 1,349
General and administrative 1,213 1,055
Operating loss (3,619) (2,404)
Other (income) expense:    
Governmental assistance - research incentives (115)
Other (income) expense, net (4) 127
Total other (income) expense (4) 12
Loss before income tax expense (3,615) (2,416)
Income tax expense 7 9
Net loss (3,622) (2,425)
Other comprehensive income (loss)    
Unrealized gain (loss) on marketable securities (2) 40
Net loss and comprehensive loss $ (3,624) $ (2,385)
Basic and diluted net loss per share (in dollars per share) $ (0.19) $ (0.19)
Weighted average shares outstanding – basic and diluted (in shares) 18,766,656 13,107,725
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Dec. 31, 2019 12,006,874        
Balance at Dec. 31, 2019   $ 64,232,000 $ 2,000 $ (56,617,000) $ 7,617,000
Exercise of common stock options (in shares) 7,200       7,200
Exercise of common stock options   16,000 $ 16,000
Share-based compensation expense   393,000 393,000
Unrealized gain (loss) on marketable securities   40,000 40,000
Net loss   (2,425,000) (2,425,000)
Issuance of common shares net of offering costs (in shares) 2,125,000        
Issuance of common shares net of offering costs   7,682,000 7,682,000
Balance (in shares) at Mar. 31, 2020 14,139,074        
Balance at Mar. 31, 2020   73,323,000 42,000 (59,042,000) 13,323,000
Balance (in shares) at Dec. 31, 2020 18,746,157        
Balance at Dec. 31, 2020   94,925,000 (2,000) (68,909,000) $ 26,014,000
Exercise of common stock options (in shares) 40,000       40,000
Exercise of common stock options   244,000 $ 244,000
Share-based compensation expense   511,000 511,000
Unrealized gain (loss) on marketable securities   (2,000) (2,000)
Net loss   (3,622,000) (3,622,000)
Balance (in shares) at Mar. 31, 2021 18,786,157        
Balance at Mar. 31, 2021   $ 95,680,000 $ (4,000) $ (72,531,000) $ 23,145,000
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals)
$ in Thousands
3 Months Ended
Mar. 31, 2020
USD ($)
Stock Issuance [Member]  
Offering costs $ 819
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (3,622,000) $ (2,425,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 511,000 393,000
Amortization of discount on marketable securities 26,000 (14,000)
Non-cash lease expense 14,000 13,000
Depreciation 6,000 6,000
Changes in operating assets and liabilities:    
Amounts receivable 3,000 (162,000)
Prepaid expenses and other assets (383,000) (397,000)
Accounts payable (410,000) 262,000
Accrued liabilities (458,000) (654,000)
Net cash used in operating activities (4,313,000) (2,978,000)
Cash flows from investing activities:    
Purchase of marketable securities (11,923,000) (8,799,000)
Maturities of marketable securities 11,921,000 3,500,000
Purchases of property and equipment (9,000) (2,000)
Proceeds from disposition of property and equipment 2,000
Net cash used in investing activities (9,000) (5,301,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net of offering costs 7,682,000
Proceeds from the exercise of stock options 244,000 16,000
Principal payments on finance lease obligations (2,000) (2,000)
Net cash provided by financing activities 242,000 7,696,000
Net decrease in cash and cash equivalents (4,080,000) (583,000)
Cash and cash equivalents at beginning of period 7,409,000 3,883,000
Cash and cash equivalents at end of period $ 3,329,000 $ 3,300,000
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Note 1 - Business
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]
1.
Business
 
DiaMedica Therapeutics Inc. and its wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. (collectively we, us, our, DiaMedica and the Company), are focused on developing novel treatments for neurological disorders and kidney diseases. Currently, our primary focus is on developing DM
199,
a proprietary recombinant human tissue kallikrein-
1
(
KLK1
) protein for the treatment of acute ischemic stroke (AIS) and chronic kidney disease (CKD). Our parent company is governed under the British Columbia Business Corporations Act, and our common shares are publicly traded on The Nasdaq Capital Market under the symbol “DMAC.”
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Note 2 - Risks and Uncertainties
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Risks and Uncertainties [Text Block]
2.
Risks and Uncertainties
 
DiaMedica operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in the European Union and comparable agencies in other countries. We are in the clinical stage of development of our initial product candidate,
DM199,
for the treatment of AIS and CKD. The Company has
not
completed the development of any product candidate and, accordingly, has
not
begun to commercialize any product candidate or generate any revenues from the commercial sale of any product candidate.
DM199
requires significant additional clinical testing and investment prior to seeking marketing approval and is
not
expected to be commercially available for at least
three
to
five
years, if at all. The Company's future success is dependent upon the success of its development efforts, its ability to demonstrate clinical progress for its
DM199
product candidate in the United States or other markets, its ability to obtain required governmental approvals of its product candidate, its ability to license or market and sell its
DM199
product candidate and its ability to obtain additional financing to fund these efforts.
 
As of
March 31, 2021,
we have incurred losses of
$72.5
million since our inception in
2000.
For the
three
months ended
March 31, 2021,
we incurred a net loss of
$3.6
 million and negative cash flows from operating activities of
$4.3
million. We expect to continue to incur operating losses until such time as any future product sales, royalty payments, licensing fees, and/or milestone payments generate revenue sufficient to fund our continuing operations. For the foreseeable future, we expect to incur significant operating losses as we continue the development and clinical trials of, and to seek regulatory approval for, our
DM199
product candidate. As of
March 31, 2021,
DiaMedica had cash and cash equivalents of
$3.3
million, marketable securities of
$20.1
million, working capital of
$23.0
million and shareholders' equity of
$23.1
million. Our principal source of cash has been net proceeds from the issuance of equity securities. Although the Company has previously been successful in obtaining financing through equity securities offerings, there is
no
assurance that we will be able to do so in the future. This is particularly true if our clinical data is
not
positive or economic and market conditions deteriorate.
 
We expect that we will need substantial additional capital to further our research and development activities, complete the required clinical trials and regulatory activities and otherwise develop our product candidate,
DM199,
or any future product candidates, to a point where they
may
be commercially sold. We expect our current cash, cash equivalents and marketable securities, to be sufficient to allow us to complete our currently ongoing Phase
2
study in patients with CKD and to otherwise fund our planned operations for at least the next
twelve
months from the date of issuance of these financial statements. However, the amount and timing of our future funding requirements will depend on many factors, including the timing and results of ongoing development efforts, the potential expansion of current development programs, potential new development programs and related general and administrative support. We
may
require significant additional funds earlier than we currently expect and there is
no
assurance that we will
not
need or seek additional funding prior to such time, especially if market conditions for raising capital are favorable.
 
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Note 3 - Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
3.
Summary of Significant Accounting Policies
 
Interim financial statements
 
We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form
10
-Q and Regulation S-
X
of the Securities and Exchange Commission (SEC). Accordingly, they do
not
include all of the information and footnotes required by US GAAP for complete financial statements. These condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly our consolidated financial position, consolidated results of operations, consolidated statement of shareholders' equity and consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on
December 31.
The condensed consolidated balance sheet as of
December 31, 2020
was derived from our audited consolidated financial statements. Certain prior year amounts have been reclassified to conform to the current year presentation. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements and the notes thereto. The nature of our business is such that the results of any interim period
may
not
be indicative of the results to be expected for the entire year.
 
Cash and cash equivalents
 
The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of
three
months or less, to be cash and cash equivalents. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments.
 
Concentration of credit risk
 
Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with
one
financial institution. These balances generally exceed federally insured limits. The Company has
not
experienced any losses in such accounts and believes it is
not
exposed to any significant credit risk in cash and cash equivalents. The Company believes that the credit risk related to marketable securities is limited due to the adherence to an investment policy focused on the preservation of principal.
 
Marketable securities
 
The Company's marketable securities typically consist of obligations of the United States government and its agencies, investment grade corporate obligations and bank certificates of deposit, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using
third
party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of shareholders' equity in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income in the condensed consolidated statements of operations.
 
Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that
may
indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than
not
be forced to sell the security before recovering its cost, or (iii) does
not
expect to recover the security's amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported as a component of shareholders' equity in accumulated other comprehensive income (loss). There were
no
other-than-temporary unrealized losses as of
March 31, 2021.
 
Fair value measurements
 
Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
 
The hierarchy is broken down into
three
levels defined as follows:
 
Level
1
Inputs
— quoted prices in active markets for identical assets and liabilities
Level
2
Inputs
— observable inputs other than quoted prices in active markets for identical assets and liabilities
Level
3
Inputs
— unobservable inputs
 
As of
March 31, 2021,
the Company believes that the carrying amounts of its other financial instruments, including amounts receivable, accounts payable and accrued liabilities, approximate their fair value due to the short-term maturities of these instruments. See Note
4,
titled “
Marketable Securities
” for additional information.
 
Patent costs
 
Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were
$48,000
and
$32,000
for the
three
months ended
March 31, 2021
and
2020,
respectively.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Marketable Securities
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
4.
Marketable Securities
 
The available-for-sale marketable securities are primarily comprised of investments in commercial paper, corporate bonds and government securities and consist of the following, measured at fair value on a recurring basis (in thousands):
 
   
Fair Value Measurements Using Inputs Considered as of:
 
   
March 31, 2021
   
December 31, 2020
 
   
Total
   
Level
1
   
Level 2
   
Level
3
   
Total
   
Level 1
   
Level 2
   
Level 3
 
Government securities
  $
6,004
    $
    $
6,004
    $
    $
8,924
    $
    $
8,924
    $
 
Bank certificates of deposit
   
245
     
     
245
     
     
496
     
     
496
     
 
Commercial paper and corporate bonds
   
13,823
     
     
13,823
     
     
10,678
     
     
10,678
     
 
Total
  $
20,072
    $
    $
20,072
    $
    $
20,098
    $
    $
20,098
    $
 
 
Accrued interest receivable on available-for-sale securities is included in amounts receivable and was
$37,000
and
$34,000
as of
March 31, 2021
and
December 31, 2020,
respectively.
 
There were
no
transfers of assets between Level
1
and Level
2
of the fair value measurement hierarchy during the
three
months ended
March 31, 2021.
 
Under the terms of the Company's investment policy, purchases of marketable securities are limited to investment grade governmental and corporate obligations and bank certificates of deposit with a primary objective of principal preservation. Maturities of individual securities are less than
one
year and the amortized cost of all securities approximated fair value as of
March 31, 2021
and
December 31, 2020.
 
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Amounts Receivable
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
5.
Amounts Receivable
 
Amounts receivable consisted of the following (in thousands):
 
   
March 31, 2021
   
December 31, 2020
 
Research and development incentives
  $
289
    $
289
 
Sales-based taxes receivable
   
4
     
2
 
Other
   
44
     
49
 
Total amounts receivable
  $
337
    $
340
 
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Property and Equipment
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]
6.
Property and Equipment
 
Property and equipment consisted of the following (in thousands):
 
   
March 31, 2021
   
December 31, 2020
 
Furniture and equipment
  $
61
    $
69
 
Computer equipment
   
62
     
62
 
     
123
     
131
 
Less accumulated depreciation
   
(48
)    
(57
)
Property and equipment, net
  $
75
    $
74
 
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Accrued Liabilities
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]
7.
Accrued Liabilities
 
Accrued liabilities consisted of the following (in thousands):
 
   
March 31, 2021
   
December 31, 2020
 
Accrued clinical study costs
  $
237
    $
13
 
Accrued research and other professional fees
   
143
     
360
 
Accrued compensation
   
33
     
483
 
Accrued taxes and other liabilities
   
7
     
8
 
Total accrued liabilities
  $
420
    $
864
 
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Operating Lease
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
8.
Operating Lease
 
We lease certain office space under a non-cancelable operating lease. This lease does
not
have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further this lease does
not
contain contingent rent provisions. This lease terminates on
August 31, 2022
and we do
not
have an option to renew. This lease does include both lease (e.g., fixed rent) and non-lease components (e.g., common-area and other maintenance costs). The non-lease components are deemed to be executory costs and are therefore excluded from the minimum lease payments used to determine the present value of the operating lease obligation and related right-of-use asset.
 
This lease does
not
provide an implicit rate and, due to the lack of a commercially salable product, we are generally considered unable to obtain commercial credit. Therefore, we estimated our incremental borrowing rate to be
9%,
considering the quoted rates for the lowest investment-grade debt and the interest rates implicit in recent financing leases. We used our estimated incremental borrowing rate and other information available at the lease commencement date in determining the present value of the lease payments.
 
Our operating lease cost and variable lease costs were
$17,000
and
$14,000,
respectively, for the
three
months ended
March 31, 2021.
Variable lease costs consist primarily of common area maintenance costs, insurance and taxes which are paid based upon actual costs incurred by the lessor.
 
Maturities of our operating lease obligation are as follows as of
March 31, 2021 (
in thousands):
 
2021
   
51
 
2022
   
46
 
Total lease payments
  $
97
 
Less interest portion
   
(6
)
Present value of lease obligation
  $
91
 
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Shareholders' Equity
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
9.
Shareholders
'
Equity
 
Authorized capital stock
 
The Company has authorized share capital of an unlimited number of voting common shares and the shares do
not
have a stated par value.
 
Common shareholders are entitled to receive dividends as declared by the Company, if any, and are entitled to
one
vote per share at the Company's annual general meeting and any special meeting.
 
Equity issued during the
three
months ended
March 31, 2021
 
During the
three
months ended
March 31, 2021,
40,000
common shares were issued on the exercise of options for gross proceeds of
$244,000
and
no
warrants were exercised.
 
Equity issued during the
three
months ended
March 31, 2020
 
On
February 13, 2020,
we issued and sold an aggregate of
2,125,000
common shares in a public, underwritten offering at a public offering price of
$4.00
per share. As a result of the offering, we received gross proceeds of
$8.5
million, which resulted in net proceeds to us of approximately
$7.7
million, after deducting the underwriting discount and offering expenses.
 
During the
three
months ended
March 31, 2020,
7,200
common shares were issued on the exercise of options for gross proceeds of
$16,000
and
no
warrants were exercised.
 
Shares reserved
 
Common shares reserved for future issuance are as follows:
 
   
March 31, 2021
 
Stock options outstanding
   
1,421,094
 
Deferred share units outstanding
   
72,142
 
Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan
   
1,050,026
 
Common shares issuable under common share purchase warrants
   
265,000
 
Total
   
2,808,262
 
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Net Loss Per Share
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]
10.
Net Loss Per Share
 
We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to common equivalent shares being excluded from the calculation, as their effect is anti-dilutive.
 
The following table summarizes our calculation of net loss per common share for the periods (in thousands, except share and per share data):
 
   
Three Months Ended
March 31,
 
   
2021
   
2020
 
Net loss
  $
(3,622
)
  $
(2,425
)
Weighted average shares outstanding—basic and diluted
   
18,766,656
     
13,107,725
 
Basic and diluted net loss per share
  $
(0.19
)
  $
(0.19
)
 
The following outstanding potential common shares were
not
included in the diluted net loss per share calculations as their effects were
not
dilutive:
 
   
Three Months Ended
March 31,
 
   
2021
   
2020
 
Employee and non-employee stock options
   
1,421,094
     
1,181,309
 
Common shares issuable under common share purchase warrants
   
265,000
     
255,000
 
Common shares issuable under deferred unit awards
   
72,142
     
21,183
 
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Share-based Compensation
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
11.
Share-Based Compensation
 
2019
Omnibus Incentive Plan
 
The DiaMedica Therapeutics Inc.
2019
Omnibus Incentive Plan (
2019
Plan) was adopted by the Board of Directors in
March 2019
and approved by our shareholders at our annual general and special meeting of shareholders held on
May 22, 2019.
The
2019
Plan permits the Board, or a committee or subcommittee thereof, to grant to the Company's eligible employees, non-employee directors and consultants non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, performance awards, non-employee director awards and other stock-based awards. We grant options to purchase common shares under the
2019
Plan at
no
less than the fair market value of the underlying common shares as of the date of grant. Options granted to employees and non-employee directors have a maximum term of
ten
years and generally vest in approximately equal quarterly installments over
one
to
three
years. Options granted to non-employees have a maximum term of
five
years and generally vest in approximately equal quarterly installments over
one
year. Subject to adjustment as provided in the
2019
Plan, the maximum number of the Company's common shares authorized for issuance under the
2019
Plan is
2,000,000
shares. As of
March 31, 2021,
options to purchase
930,684
common shares were outstanding and
50,959
common shares were reserved for issuance upon settlement of deferred share units (DSUs) under the
2019
Plan.
 
Prior stock option plan
 
The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated
November 6, 2018 (
Prior Plan), was terminated by the Board of Directors in conjunction with the shareholder approval of the
2019
Plan. Awards outstanding under the Prior Plan remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the Prior Plan have terms similar to those used under the
2019
Plan. As of
March 31, 2021,
options to purchase
490,410
common shares were outstanding under the Prior Plan.
 
As the TSX Venture Exchange was the principal trading market for the Company's common shares, all options granted prior to
December 31, 2018
were priced in Canadian dollars. Options granted after
December 31, 2018
have been priced in United States dollars.
 
Prior deferred share unit plan
 
The DiaMedica Therapeutics Inc. Amended and Restated Deferred Share Unit Plan (DSU Plan) was terminated by the Board of Directors in conjunction with the shareholder approval of the
2019
Plan. Awards outstanding under the DSU Plan remain outstanding in accordance with and pursuant to the terms thereof. As of
March 31, 2021,
there were
21,183
common shares reserved for DSUs outstanding.
 
The aggregate number of common shares reserved for issuance for awards granted under the
2019
Plan, the Prior Plan and the DSU Plan as of
March 31, 2021
was
1,493,234.
 
Share-based compensation expense for each of the periods presented is as follows (in thousands):
 
   
Three Months Ended
March 31
 
   
2021
   
2020
 
Research and development
  $
131
    $
107
 
General and administrative
   
380
     
286
 
Total share-based compensation
  $
511
    $
393
 
 
We recognize share-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest.
 
A summary of option activity is as follows (in thousands except share and per share amounts):
 
   
Shares
Underlying
Options
Outstanding
   
Weighted
Average Exercise
Price Per Share
   
Aggregate
Intrinsic Value
 
Balances at December 31, 2020
   
1,389,568
    $
5.38
    $
7,109
 
Granted
   
85,000
     
9.69
     
 
 
Exercised
   
(40,000
)    
6.11
     
132
 
Expired/cancelled
   
(13,474
)    
6.54
     
 
 
Forfeited
   
     
     
 
 
Balances at March 31, 2021
   
1,421,094
    $
5.60
    $
5,589
 
 
Information about stock options outstanding, vested and expected to vest as of
March 31, 2021,
is as follows:
 
       
Outstanding, Vested and Expected to Vest
   
Options Vested and Exercisable
 
Per Share Exercise
Price
 
Shares
   
Weighted Average
Remaining
Contractual Life
(Years)
   
Weighted Average
Exercise Price
   
Options
Exercisable
   
Weighted Average
Remaining
Contractual Life
(Years)
 
$2.00
-
$2.99
   
120,500
     
4.7
    $
2.41
     
120,500
     
4.7
 
$3.00
-
$3.99
   
17,500
     
6.0
     
3.84
     
17,500
     
6.0
 
$4.00
-
$4.99
   
938,567
     
8.2
     
4.51
     
680,974
     
7.9
 
$5.00
-
$9.99
   
274,527
     
7.4
     
8.03
     
198,216
     
6.7
 
$10.00
-
$27.06
   
70,000
     
4.0
     
16.62
     
50,000
     
1.6
 
 
 
 
   
1,421,094
     
7.5
    $
5.60
     
1,067,190
     
7.0
 
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Note 12 - Related Party Transaction
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
12.
Related Party Transaction
 
During
2021,
we have engaged a consulting firm owned by our Vice President of Regulatory Affairs to perform certain tasks supporting our quality and regulatory activities. The work is performed as required by us and all services are invoiced on an hourly basis with
no
minimum commitment. Total charges invoiced were approximately
$107,000
during the
three
-months ended
March 31, 2021,
and are recorded as research and development expenses, of which approximately
$52,000
was outstanding and included in accounts payable as of
March 31, 2021.
 
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Interim financial statements
 
We have prepared the accompanying condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions to Form
10
-Q and Regulation S-
X
of the Securities and Exchange Commission (SEC). Accordingly, they do
not
include all of the information and footnotes required by US GAAP for complete financial statements. These condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals which, in the opinion of management, are necessary to present fairly our consolidated financial position, consolidated results of operations, consolidated statement of shareholders' equity and consolidated cash flows for the periods and as of the dates presented. Our fiscal year ends on
December 31.
The condensed consolidated balance sheet as of
December 31, 2020
was derived from our audited consolidated financial statements. Certain prior year amounts have been reclassified to conform to the current year presentation. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements and the notes thereto. The nature of our business is such that the results of any interim period
may
not
be indicative of the results to be expected for the entire year.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and cash equivalents
 
The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of
three
months or less, to be cash and cash equivalents. The carrying amount of our cash equivalents approximates fair value due to the short maturity of the investments.
Concentration Risk, Credit Risk, Policy [Policy Text Block]
Concentration of credit risk
 
Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with
one
financial institution. These balances generally exceed federally insured limits. The Company has
not
experienced any losses in such accounts and believes it is
not
exposed to any significant credit risk in cash and cash equivalents. The Company believes that the credit risk related to marketable securities is limited due to the adherence to an investment policy focused on the preservation of principal.
Marketable Securities, Policy [Policy Text Block]
Marketable securities
 
The Company's marketable securities typically consist of obligations of the United States government and its agencies, investment grade corporate obligations and bank certificates of deposit, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using
third
party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized gains and losses reported as a component of shareholders' equity in accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization or accretion is included in interest income. Realized gains and losses, if any, are calculated on the specific identification method and are included in other income in the condensed consolidated statements of operations.
 
Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that
may
indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than
not
be forced to sell the security before recovering its cost, or (iii) does
not
expect to recover the security's amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported in earnings. Subsequent increases or decreases in fair value are reported as a component of shareholders' equity in accumulated other comprehensive income (loss). There were
no
other-than-temporary unrealized losses as of
March 31, 2021.
Fair Value Measurement, Policy [Policy Text Block]
Fair value measurements
 
Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
 
The hierarchy is broken down into
three
levels defined as follows:
 
Level
1
Inputs
— quoted prices in active markets for identical assets and liabilities
Level
2
Inputs
— observable inputs other than quoted prices in active markets for identical assets and liabilities
Level
3
Inputs
— unobservable inputs
 
As of
March 31, 2021,
the Company believes that the carrying amounts of its other financial instruments, including amounts receivable, accounts payable and accrued liabilities, approximate their fair value due to the short-term maturities of these instruments. See Note
4,
titled “
Marketable Securities
” for additional information.
Patent Costs [Policy Text Block]
Patent costs
 
Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in general and administrative costs and were
$48,000
and
$32,000
for the
three
months ended
March 31, 2021
and
2020,
respectively.
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Marketable Securities (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block]
   
Fair Value Measurements Using Inputs Considered as of:
 
   
March 31, 2021
   
December 31, 2020
 
   
Total
   
Level
1
   
Level 2
   
Level
3
   
Total
   
Level 1
   
Level 2
   
Level 3
 
Government securities
  $
6,004
    $
    $
6,004
    $
    $
8,924
    $
    $
8,924
    $
 
Bank certificates of deposit
   
245
     
     
245
     
     
496
     
     
496
     
 
Commercial paper and corporate bonds
   
13,823
     
     
13,823
     
     
10,678
     
     
10,678
     
 
Total
  $
20,072
    $
    $
20,072
    $
    $
20,098
    $
    $
20,098
    $
 
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Amounts Receivable (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
   
March 31, 2021
   
December 31, 2020
 
Research and development incentives
  $
289
    $
289
 
Sales-based taxes receivable
   
4
     
2
 
Other
   
44
     
49
 
Total amounts receivable
  $
337
    $
340
 
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Property, Plant and Equipment [Table Text Block]
   
March 31, 2021
   
December 31, 2020
 
Furniture and equipment
  $
61
    $
69
 
Computer equipment
   
62
     
62
 
     
123
     
131
 
Less accumulated depreciation
   
(48
)    
(57
)
Property and equipment, net
  $
75
    $
74
 
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Accrued Liabilities (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
   
March 31, 2021
   
December 31, 2020
 
Accrued clinical study costs
  $
237
    $
13
 
Accrued research and other professional fees
   
143
     
360
 
Accrued compensation
   
33
     
483
 
Accrued taxes and other liabilities
   
7
     
8
 
Total accrued liabilities
  $
420
    $
864
 
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Operating Lease (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
2021
   
51
 
2022
   
46
 
Total lease payments
  $
97
 
Less interest portion
   
(6
)
Present value of lease obligation
  $
91
 
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Shareholders' Equity (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Common Stock Reserved for Future Issuance [Table Text Block]
   
March 31, 2021
 
Stock options outstanding
   
1,421,094
 
Deferred share units outstanding
   
72,142
 
Shares available for grant under the DiaMedica Therapeutics Inc. Omnibus Incentive Plan
   
1,050,026
 
Common shares issuable under common share purchase warrants
   
265,000
 
Total
   
2,808,262
 
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Net Loss Per Share (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   
Three Months Ended
March 31,
 
   
2021
   
2020
 
Net loss
  $
(3,622
)
  $
(2,425
)
Weighted average shares outstanding—basic and diluted
   
18,766,656
     
13,107,725
 
Basic and diluted net loss per share
  $
(0.19
)
  $
(0.19
)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
   
Three Months Ended
March 31,
 
   
2021
   
2020
 
Employee and non-employee stock options
   
1,421,094
     
1,181,309
 
Common shares issuable under common share purchase warrants
   
265,000
     
255,000
 
Common shares issuable under deferred unit awards
   
72,142
     
21,183
 
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Share-based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]
   
Three Months Ended
March 31
 
   
2021
   
2020
 
Research and development
  $
131
    $
107
 
General and administrative
   
380
     
286
 
Total share-based compensation
  $
511
    $
393
 
Share-based Payment Arrangement, Option, Activity [Table Text Block]
   
Shares
Underlying
Options
Outstanding
   
Weighted
Average Exercise
Price Per Share
   
Aggregate
Intrinsic Value
 
Balances at December 31, 2020
   
1,389,568
    $
5.38
    $
7,109
 
Granted
   
85,000
     
9.69
     
 
 
Exercised
   
(40,000
)    
6.11
     
132
 
Expired/cancelled
   
(13,474
)    
6.54
     
 
 
Forfeited
   
     
     
 
 
Balances at March 31, 2021
   
1,421,094
    $
5.60
    $
5,589
 
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]
       
Outstanding, Vested and Expected to Vest
   
Options Vested and Exercisable
 
Per Share Exercise
Price
 
Shares
   
Weighted Average
Remaining
Contractual Life
(Years)
   
Weighted Average
Exercise Price
   
Options
Exercisable
   
Weighted Average
Remaining
Contractual Life
(Years)
 
$2.00
-
$2.99
   
120,500
     
4.7
    $
2.41
     
120,500
     
4.7
 
$3.00
-
$3.99
   
17,500
     
6.0
     
3.84
     
17,500
     
6.0
 
$4.00
-
$4.99
   
938,567
     
8.2
     
4.51
     
680,974
     
7.9
 
$5.00
-
$9.99
   
274,527
     
7.4
     
8.03
     
198,216
     
6.7
 
$10.00
-
$27.06
   
70,000
     
4.0
     
16.62
     
50,000
     
1.6
 
 
 
 
   
1,421,094
     
7.5
    $
5.60
     
1,067,190
     
7.0
 
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Note 2 - Risks and Uncertainties (Details Textual) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Retained Earnings (Accumulated Deficit), Ending Balance $ (72,531)   $ (68,909)  
Net Income (Loss) Attributable to Parent, Total (3,622) $ (2,425)    
Net Cash Provided by (Used in) Operating Activities, Total (4,313) (2,978)    
Cash, Cash Equivalents, and Short-term Investments, Total 3,300      
Marketable Securities, Total 20,100      
Working Capital 23,000      
Stockholders' Equity Attributable to Parent, Ending Balance $ 23,145 $ 13,323 $ 26,014 $ 7,617
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Research and Development Expense [Member]    
Patent Expense $ 48,000 $ 32,000
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Marketable Securities (Details Textual) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Accrued Interest Receivable On Available For Sale Securities [Member]    
Interest Receivable $ 37,000 $ 34,000
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Total marketable securities $ 20,072 $ 20,098
Fair Value, Inputs, Level 1 [Member]    
Total marketable securities
Fair Value, Inputs, Level 2 [Member]    
Total marketable securities 20,072 20,098
Fair Value, Inputs, Level 3 [Member]    
Total marketable securities
US Government Agencies Debt Securities [Member]    
Total marketable securities 6,004 8,924
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Total marketable securities
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Total marketable securities 6,004 8,924
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Total marketable securities
Bank Certificates of Deposit [Member]    
Total marketable securities 245 496
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]    
Total marketable securities
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]    
Total marketable securities 245 496
Bank Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]    
Total marketable securities
Commercial Paper and Corporate Bonds [Member]    
Total marketable securities 13,823 10,678
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member]    
Total marketable securities
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member]    
Total marketable securities 13,823 10,678
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member]    
Total marketable securities
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Amounts Receivable - Amounts Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Research and development incentives $ 289 $ 289
Sales-based taxes receivable 4 2
Other 44 49
Total amounts receivable $ 337 $ 340
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Property, plant and equipment, gross $ 123 $ 131
Less accumulated depreciation (48) (57)
Property and equipment, net 75 74
Furniture and Fixtures [Member]    
Property, plant and equipment, gross 61 69
Computer Equipment [Member]    
Property, plant and equipment, gross $ 62 $ 62
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Accrued clinical study costs $ 237 $ 13
Accrued research and other professional fees 143 360
Accrued compensation 33 483
Accrued taxes and other liabilities 7 8
Total accrued liabilities $ 420 $ 864
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Operating Lease (Details Textual)
3 Months Ended
Mar. 31, 2021
USD ($)
Lessee, Operating Lease, Discount Rate 9.00%
Operating Lease, Cost $ 17,000
Variable Lease, Cost $ 14,000
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Operating Lease - Maturity of Operating Lease Liability (Details)
$ in Thousands
Mar. 31, 2021
USD ($)
2021 $ 51
2022 46
Total lease payments 97
Less interest portion (6)
Present value of lease obligation $ 91
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Shareholders' Equity (Details Textual) - USD ($)
3 Months Ended
Feb. 13, 2020
Mar. 31, 2021
Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)   40,000 7,200
Stock Issued During Period, Value, Stock Options Exercised   $ 244,000 $ 16,000
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares)   0  
Stock Issued During Period, Shares, New Issues (in shares) 2,125,000    
Shares Issued, Price Per Share (in dollars per share) $ 4    
Proceeds from Issuance of Common Stock $ 8,500,000 $ 7,682,000
Proceeds from Issuance of Common Stock, Net $ 7,700,000    
Warrants Issued in Private Placement [Member]      
Stock Issued During Period, Shares, Exercise of Common Stock Warrants (in shares)     0
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Shareholders' Equity - Shares Reserved (Details)
Mar. 31, 2021
shares
Common stock reserved for future issuance (in shares) 2,808,262
Stock Options Outstanding [Member]  
Common stock reserved for future issuance (in shares) 1,421,094
Deferred Share Units [Member]  
Common stock reserved for future issuance (in shares) 72,142
The 2019 Omnibus Incentive Plan [Member]  
Common stock reserved for future issuance (in shares) 1,050,026
Common Share Purchase Warrants [Member]  
Common stock reserved for future issuance (in shares) 265,000
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Net Loss Per Share - Summary of Significant Accounting Policies - Net Loss Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net loss $ (3,622) $ (2,425)
Weighted average shares outstanding—basic and diluted (in shares) 18,766,656 13,107,725
Basic and diluted net loss per share (in dollars per share) $ (0.19) $ (0.19)
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Net Loss Per Share - Schedule of Antidilutive Shares Excluded from Computation of Net Loss Per Share (Details) - shares
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Employee and Non-employee Stock Options [Member]    
Antidilutive Securities (in shares) 1,421,094 1,181,309
Warrant [Member]    
Antidilutive Securities (in shares) 265,000 255,000
Deferred Share Units [Member]    
Antidilutive Securities (in shares) 72,142 21,183
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Share-based Compensation (Details Textual) - shares
1 Months Ended
Mar. 30, 2019
Mar. 31, 2021
Common Stock, Capital Shares Reserved for Future Issuance (in shares)   2,808,262
The 2019 Omnibus Incentive Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) 2,000,000  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)   930,684
Common Stock, Capital Shares Reserved for Future Issuance (in shares)   50,959
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 10 years  
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 1 year  
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 3 years  
The 2019 Omnibus Incentive Plan [Member] | Nonemployee Stock Options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 5 years  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 1 year  
Stock Option Prior Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)   490,410
The 2012 DSU Plan [Member]    
Common Stock, Capital Shares Reserved for Future Issuance (in shares)   21,183
The 2019 Omnibus Incentive Plan, Stock Option Prior Plan, and the 2012 DSU Plan [Member]    
Common Stock, Capital Shares Reserved for Future Issuance (in shares)   1,493,234
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Total share-based compensation $ 511 $ 393
Research and Development Expense [Member]    
Total share-based compensation 131 107
General and Administrative Expense [Member]    
Total share-based compensation $ 380 $ 286
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Share-based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Exercised (in shares) (40,000) (7,200)
Share-based Payment Arrangement, Option [Member]    
Balance (in shares) 1,389,568  
Balance, weighted average exercise price (in dollars per share) $ 5.38  
Balance, aggregate intrinsic value $ 7,109  
Granted (in shares) 85,000  
Granted, weighted average exercise price (in dollars per share) $ 9.69  
Exercised (in shares) (40,000)  
Exercised, weighted average exercise price (in dollars per share) $ 6.11  
Exercised, aggregate intrinsic value $ 132  
Expired/cancelled (in shares) (13,474)  
Expired / cancelled, weighted average exercise price (in dollars per share) $ 6.54  
Forfeited (in shares)  
Forfeited, weighted average exercise price (in dollars per share)  
Balance (in shares) 1,421,094  
Balance, weighted average exercise price (in dollars per share) $ 5.60  
Balance, aggregate intrinsic value $ 5,589  
XML 57 R45.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Share-based Compensation - Stock Options Outstanding (Details)
3 Months Ended
Mar. 31, 2021
$ / shares
shares
Outstanding, shares (in shares) | shares 1,421,094
Outstanding, weighted average remaining contractual life (Year) 7 years 182 days
Outstanding, weighted average exercise price (in dollars per share) $ 5.60
Exercisable, shares (in shares) | shares 1,067,190
Exercisable, weighted average remaining contractual life (Year) 7 years
Exercise Price Range 1 [Member]  
Per share exercise price, lower range (in dollars per share) $ 2
Per share exercise price, upper range (in dollars per share) $ 2.99
Outstanding, shares (in shares) | shares 120,500
Outstanding, weighted average remaining contractual life (Year) 4 years 255 days
Outstanding, weighted average exercise price (in dollars per share) $ 2.41
Exercisable, shares (in shares) | shares 120,500
Exercisable, weighted average remaining contractual life (Year) 4 years 255 days
Exercise Price Range 2 [Member]  
Per share exercise price, lower range (in dollars per share) $ 3
Per share exercise price, upper range (in dollars per share) $ 3.99
Outstanding, shares (in shares) | shares 17,500
Outstanding, weighted average remaining contractual life (Year) 6 years
Outstanding, weighted average exercise price (in dollars per share) $ 3.84
Exercisable, shares (in shares) | shares 17,500
Exercisable, weighted average remaining contractual life (Year) 6 years
Exercise Price Range 3 [Member]  
Per share exercise price, lower range (in dollars per share) $ 4
Per share exercise price, upper range (in dollars per share) $ 4.99
Outstanding, shares (in shares) | shares 938,567
Outstanding, weighted average remaining contractual life (Year) 8 years 73 days
Outstanding, weighted average exercise price (in dollars per share) $ 4.51
Exercisable, shares (in shares) | shares 680,974
Exercisable, weighted average remaining contractual life (Year) 7 years 328 days
Exercise Price Range 4 [Member]  
Per share exercise price, lower range (in dollars per share) $ 5
Per share exercise price, upper range (in dollars per share) $ 9.99
Outstanding, shares (in shares) | shares 274,527
Outstanding, weighted average remaining contractual life (Year) 7 years 146 days
Outstanding, weighted average exercise price (in dollars per share) $ 8.03
Exercisable, shares (in shares) | shares 198,216
Exercisable, weighted average remaining contractual life (Year) 6 years 255 days
Exercise Price Range 5 [Member]  
Per share exercise price, lower range (in dollars per share) $ 10
Per share exercise price, upper range (in dollars per share) $ 27.06
Outstanding, shares (in shares) | shares 70,000
Outstanding, weighted average remaining contractual life (Year) 4 years
Outstanding, weighted average exercise price (in dollars per share) $ 16.62
Exercisable, shares (in shares) | shares 50,000
Exercisable, weighted average remaining contractual life (Year) 1 year 219 days
XML 58 R46.htm IDEA: XBRL DOCUMENT v3.21.1
Note 12 - Related Party Transaction (Details Textual) - Vice President [Member] - Consulting Services [Member]
3 Months Ended
Mar. 31, 2021
USD ($)
Accounts Payable, Related Parties, Current $ 52,000
Research and Development Expense [Member]  
Related Party Transaction, Amounts of Transaction $ 107,000
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