Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (8,092,000) $ (8,169,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,337,000 763,000
Amortization of discount on marketable securities (24,000) (68,000)
Non-cash lease expense 39,000 36,000
Depreciation 16,000 16,000
Changes in operating assets and liabilities:    
Amounts receivable 488,000 116,000
Prepaid expenses (91,000) 280,000
Deposits 78,000 (39,000)
Accounts payable 538,000 (171,000)
Accrued liabilities (458,000) (1,000)
Net cash used in operating activities (6,169,000) (7,237,000)
Cash flows from investing activities:    
Purchase of marketable securities (25,048,000) (10,928,000)
Maturities of marketable securities 8,249,000 6,000,000
Purchase of property and equipment (2,000)
Disposition of property and equipment, net 12,000
Net cash used in investing activities (16,801,000) (4,916,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net of offering costs 28,872,000
Proceeds from the exercise of stock options 16,000 75,000
Principal payments on finance lease obligations (4,000) (4,000)
Net cash provided by financing activities 28,884,000 71,000
Net increase (decrease) in cash and cash equivalents 5,914,000 (12,082,000)
Cash and cash equivalents at beginning of period 3,883,000 16,823,000
Cash and cash equivalents at end of period $ 9,797,000 $ 4,741,000