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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net loss $ (15,764) $ (7,484)
Items not involving cash:    
Depreciation 196 104
Amortization of discount on term loan   137
Deferred income tax expense 9 52
Stock-based compensation 1,965 1,015
Unrealized foreign exchange (gain) loss (204) 522
Unrealized (gain) loss on marketable securities 74 (281)
Changes in operating assets and liabilities:    
Accounts receivable (3,238) (824)
Prepaid expenses and other current assets (533) 113
Accounts payable and accrued expenses (3,213) (577)
Deferred revenue   (5,844)
Net cash used in operating activities (20,708) (13,067)
Investing activities:    
Purchases of property, plant and equipment (404) (647)
Purchases of marketable securities (100,655) (107,482)
Proceeds from marketable securities 45,955 55,204
Net cash used in investing activities (55,104) (52,925)
Financing activities:    
Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs (note 9a) 118,615 102,456
Issuance of common shares pursuant to exercise of stock options 106 14
Net cash provided by financing activities 118,721 102,470
Effect of exchange rate changes on cash and cash equivalents 67 (725)
Increase in cash and cash equivalents 42,976 35,753
Cash and cash equivalents, beginning of period 45,009 24,755
Cash and cash equivalents, end of period 87,985 60,508
Supplemental disclosures:    
Interest paid   206
Interest received 651 1,172
Cash paid for operating lease 202 159
Supplemental disclosures of non-cash transactions:    
Fair value of stock options exercised on a cashless basis $ 448 $ 583