Annual report pursuant to Section 13 and 15(d)

Consolidated and Combined Statements of Cash Flows

v3.19.3.a.u2
Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (32,557) $ (73,667)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 5,463 4,574
Depreciation expense 480 396
Change in contingent consideration valuation (14,554) 8,499
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 119 (46)
Right-of-use asset 444  
Accounts payable, accrued expenses and other liabilities (8,993) 493
Operating lease liability (446)  
Net cash used in operating activities (50,044) (59,751)
Cash flows from investing activities:    
Purchases of property and equipment (1,319) (3,370)
Acquisition of license agreement (165) (82)
Net cash used in investing activities (1,484) (3,452)
Cash flows from financing activities:    
Payments of contingent consideration (10,000)  
Contribution upon separation 19,000  
Investment from parent company 60,268 63,203
Net cash provided by financing activities 69,268 63,203
Net increase in cash and cash equivalents 17,740  
Cash and cash equivalents, end of year $ 17,740  
Supplemental disclosure of cash flow information:    
Purchase of property, plant and equipment included in accrued expenses and accounts payable   $ 2,581