XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (40,587) $ (27,514)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 29 34
Amortization of contract asset 135 135
Change in right-of-use asset 392 499
Stock-based compensation expense 3,686 2,572
Foreign currency (gain) loss 379 (738)
Change in fair value of restricted stock liability (204) 45
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (639) 774
Deferred tax assets 11 (36)
Research and development incentive receivable (1,159) 117
Contract acquisition costs   (270)
Deferred offering costs 209  
Accounts payable and accrued expenses 3,900 (2,601)
Deferred revenue (1,500) 1,500
Lease liability (406) (474)
Other assets 597  
Net cash used in operating activities (35,157) (25,957)
Cash flows from investing activities:    
Proceeds from sale of property and equipment   25
Net cash provided by investing activities   25
Cash flows from financing activities:    
Proceeds from issuance of common stock and prefunded warrants, net of offering costs - September 2021 Public Offering 97,222  
Proceeds from issuance of common stock - June 2020 Public Offering   48,518
Proceeds from the exercise of common stock warrants 993 348
Proceeds from the exercise of stock options 4 51
Payment of deferred offering costs (184) (1,906)
Net cash provided by financing activities 98,035 73,997
Effect of exchange rate changes on cash and cash equivalents (33) 115
Net increase in cash and cash equivalents 62,845 48,180
Cash and cash equivalents at beginning of year 52,071 3,891
Cash and cash equivalents at end of year 114,916 52,071
Supplemental disclosure of non-cash financing activities:    
Offering costs in accounts payable and accrued expense - September 2021 Public Offering 210  
Remeasurement of right-of-use asset and lease liability $ 323  
Dividend attributable to down round feature of warrants   303
Beneficial conversion feature from Series convertible preferred stock   9,399
Series A Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from the issuance of Series convertible preferred stock   14,986
Supplemental disclosure of non-cash financing activities:    
Conversion of Series A convertible preferred stock to prefunded warrants   8,836
Beneficial conversion feature from Series convertible preferred stock   5,226
Series B Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from the issuance of Series convertible preferred stock   12,000
Supplemental disclosure of non-cash financing activities:    
Conversion of Series B convertible preferred stock to common stock   7,087
Beneficial conversion feature from Series convertible preferred stock   $ 4,173