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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net loss before noncontrolling interest $ (26,186) $ (21,790)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on dissolution of majority-owned subsidiary (3,774) 0
Equity-based compensation 2,169 2,618
Depreciation and amortization 266 276
Provision for Italian VAT receivables and deposit 4,200 0
Other (86) 55
Changes in operating assets and liabilities:    
Receivables from license and development services arrangements 0 13,322
Prepaid expenses and other assets 1,620 1,586
Accounts payable, accrued expenses and other liabilities (5,766) (6,808)
Net cash used in operating activities (20,009) (10,741)
Investing activities    
Purchases of short-term investments 0 (3,510)
Proceeds from maturities of short-term investments 2,500 15,900
Net cash provided by investing activities 2,500 12,390
Financing activities    
Proceeds from rights offering, net of issuance costs 59,108 0
Principal payments on debt (2,667) (2,667)
Proceeds from stock option exercises 30 0
Proceeds from sales of common stock under employee stock purchase plan 4 1
Cash paid for at-the-market equity offering costs 0 (45)
Net cash provided by (used in) financing activities 56,475 (2,711)
Effect of exchange rate changes on cash and cash equivalents 0 (13)
Net increase (decrease) in cash and cash equivalents 38,966 (1,075)
Cash and cash equivalents at beginning of period 31,144 36,439
Cash and cash equivalents at end of period 70,110 35,364
Supplemental disclosure of cash flow information    
Cash paid during the period for interest $ 325 $ 582