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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net income $ 115,738 $ 8,817
Adjustments to reconcile net income to net cash used in operating activities:    
Stock-based compensation 1,111 750
Warrant liability revaluation gain (6,983) (1,101)
Future tranche right liability revaluation gain (118,803) (20,711)
Issuance of common stock for services rendered 67 26
Accretion of discounts on short-term investments (1) (18)
Depreciation and amortization expense 6 24
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 1,150 1,313
Accounts payable, accrued expenses, and other liabilities (1,879) 148
Other 3 4
Net cash used in operating activities (9,591) (10,748)
Cash Flows from Investing Activities:    
Purchases of available-for-sale securities   (5,535)
Proceeds from maturity of available-for-sale securities 4,500 2,749
Purchases of property and equipment   (7)
Net cash provided by (used in) investing activities 4,500 (2,793)
Cash Flows from Financing Activities:    
Proceeds from common stock financings, net 16,322 1,406
Proceeds from employee stock purchases 28 25
Proceeds from exercise of common stock options and warrants 271  
Payments on seller-financed purchases (218)  
Net cash provided by financing activities 16,403 1,431
Net increase (decrease) in cash and cash equivalents 11,312 (12,110)
Cash and cash equivalent, beginning of period 33,229 40,019
Cash and cash equivalents, end of period 44,541 27,909
Supplemental disclosure of cash flow information:    
Cash paid for interest 3  
Supplemental disclosure of non-cash financing and investing activities:    
Offering costs in accounts payable and accrued expenses $ 61 $ 260