Annual report pursuant to Section 13 and 15(d)

Consolidated and Combined Statements of Cash Flows

v3.20.4
Consolidated and Combined Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (76,100,000) $ (32,557,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 9,341,000 5,463,000
Non-cash-interest expense 535,000  
Depreciation expense 408,000 480,000
Amortization of intangible assets 2,146,000 0
Change in warrant valuation 16,734,000  
Change in contingent consideration valuation 2,245,000 (14,554,000)
Changes in operating assets and liabilities:    
Inventory (2,978,000)  
Prepaid expenses and other current assets (951,000) 119,000
Right-of-use asset 147,000 444,000
Accounts receivable (51,000)  
Accounts payable, accrued expenses and other liabilities 4,613,000 (8,993,000)
Operating lease liability (147,000) (446,000)
Net cash used in operating activities (44,058,000) (50,044,000)
Cash flows from investing activities:    
Purchases of property and equipment (639,000) (1,319,000)
Acquisition of license agreement   (165,000)
Net cash used in investing activities (639,000) (1,484,000)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt, net of transaction costs 10,041,000  
Proceeds from equity facility, net of transaction costs 3,612,000  
Proceeds from public offering, net of transaction costs 23,085,000  
Proceeds from registered direct offerings, net of transaction costs 21,925,000  
Proceeds from warrant exercises 2,671,000  
Payments of contingent consideration (3,560,000) (10,000,000)
Contribution upon separation   19,000,000
Investment from parent company   60,268,000
Payments of withholdings on shares withheld for income taxes (475,000)  
Net cash provided by financing activities 57,299,000 69,268,000
Net increase in cash and cash equivalents 12,602,000 17,740,000
Cash and cash equivalents, beginning of year 17,740,000  
Cash and cash equivalents, end of year 30,342,000 $ 17,740,000
Supplemental disclosure of cash flow information:    
Deferred financing costs included in accounts payable and accrued expenses 1,000  
Offering costs included in accounts payable and accrued expenses 229,000  
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