Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (13,676,000) $ (13,592,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,502,000 1,558,000
Amortization of premium (discount) on marketable securities (11,000) 161,000
Non-cash lease expense 64,000 58,000
Depreciation 25,000 24,000
Changes in operating assets and liabilities:    
Amounts receivable 48,000 210,000
Prepaid expenses and other assets (54,000) (123,000)
Accounts payable 225,000 (590,000)
Accrued liabilities 366,000 42,000
Net cash used in operating activities (11,511,000) (12,252,000)
Cash flows from investing activities:    
Purchase of marketable securities (45,684,000) (69,813,000)
Maturities of marketable securities 57,303,000 49,296,000
Purchase of property and equipment (81,000) (22,000)
Disposition of property and equipment, net 0 2,000
Net cash provided by (used in) investing activities 11,538,000 (20,537,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net of offering costs 0 29,849,000
Proceeds from exercise of stock options 0 244,000
Principal payments on finance lease obligations (6,000) (6,000)
Net cash provided by (used in) financing activities (6,000) 30,087,000
Net increase (decrease) in cash and cash equivalents 21,000 (2,702,000)
Cash and cash equivalents at beginning of period 4,707,000 7,409,000
Cash and cash equivalents at end of period 4,728,000 4,707,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 27,000 $ 28,000