Quarterly report pursuant to Section 13 or 15(d)

Consolidated and Combined Statements of Cash Flows (Unaudited)

v3.20.2
Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:      
Net loss   $ (59,058,000) $ (25,232,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation   7,431,000 4,254,000
Non-cash interest expense   306,000  
Depreciation expense $ 104,000 315,000 369,000
Amortization 643,000 1,502,000 0
Change in warrant valuation (11,182,000) 2,863,000  
Change in contingent consideration valuation (17,427,000) 14,252,000 (15,241,000)
Changes in operating assets and liabilities:      
Inventory   (1,784,000)  
Prepaid expenses and other current assets   (90,000) 1,199,000
Accounts payable, accrued expenses and other liabilities   4,837,000 (7,453,000)
Net cash used in operating activities   (29,426,000) (42,104,000)
Cash flows from investing activities:      
Purchase of property and equipment   (307,000) (1,633,000)
Acquisition of license agreement     (165,000)
Net cash used in investing activities   (307,000) (1,798,000)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt, net of transaction costs   10,041,000  
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     53,902,000
Payments of withholdings on shares withheld for income taxes   (95,000)  
Payment of contingent consideration   (2,500,000) (10,000,000)
Net cash provided by financing activities   36,601,000 $ 43,902,000
Net increase in cash and cash equivalents   6,868,000  
Cash and cash equivalents, beginning of period   17,740,000  
Cash and cash equivalents, end of period $ 24,608,000 24,608,000  
Supplemental disclosure of cash flow information:      
Purchase of property, plant and equipment included in accrued expenses and accounts payable   22,000  
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