Quarterly report pursuant to Section 13 or 15(d)

Consolidated and Combined Statements of Cash Flows (Unaudited)

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Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:      
Net loss   $ (70,743,000) $ (14,917,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation   4,942,000 3,202,000
Non-cash interest expense   76,000  
Depreciation expense $ 106,000 211,000 246,000
Amortization 644,000 859,000 0
Change in warrant valuation 12,667,000 14,045,000  
Change in contingent consideration valuation 4,053,000 31,679,000 (19,150,000)
Changes in operating assets and liabilities:      
Inventory   (753,000)  
Prepaid expenses and other current assets   273,000 (1,074,000)
Right-of-use asset   188,000 231,000
Accounts receivable   (382,000)  
Accounts payable, accrued expenses and other liabilities   2,170,000 (7,464,000)
Operating lease liability   (186,000) (232,000)
Net cash used in operating activities   (17,621,000) (39,158,000)
Cash flows from investing activities:      
Purchase of property and equipment     (1,635,000)
Acquisition of license agreement     (82,000)
Net cash used in investing activities     (1,717,000)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt, net of transaction costs   10,231,000  
Proceeds from public offering, net of transaction costs   23,085,000  
Proceeds from equity facility, net of transaction costs   3,612,000  
Proceeds from warrant exercises   2,458,000  
Investment from parent company     50,875,000
Payments of withholdings on shares withheld for income taxes   (95,000)  
Payment of contingent consideration     (10,000,000)
Net cash provided by financing activities   39,291,000 $ 40,875,000
Net increase in cash and cash equivalents   21,670,000  
Cash and cash equivalents, beginning of period   17,740,000  
Cash and cash equivalents, end of period $ 39,410,000 39,410,000  
Supplemental disclosure of cash flow information:      
Fair value of warrants issued in connection with public offering   8,111,000  
Fair value of warrants issued in connection with financing facility   1,423,000  
Deferred financing costs included in accounts payable and accrued expenses   $ 189,000