Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (2,425,000) $ (3,252,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 393,000 130,000
Amortization of discount on marketable securities (14,000) (26,000)
Non-cash lease expense 13,000 12,000
Depreciation 6,000 6,000
Changes in operating assets and liabilities:    
Amounts receivable (162,000) (150,000)
Prepaid expenses (290,000) 72,000
Deposits (107,000)
Accounts payable 262,000 201,000
Accrued liabilities (654,000) (127,000)
Net cash used in operating activities (2,978,000) (3,134,000)
Cash flows from investing activities:    
Purchase of marketable securities (8,799,000) (10,928,000)
Maturities of marketable securities 3,500,000
Purchase of property and equipment (2,000)
Net cash used in investing activities (5,301,000) (10,928,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net of offering costs 7,682,000
Proceeds from the exercise of stock options 16,000
Principal payments on finance lease obligations (2,000) (2,000)
Net cash provided by financing activities 7,696,000 (2,000)
Net decrease in cash and cash equivalents (583,000) (14,064,000)
Cash and cash equivalents at beginning of period 3,883,000 16,823,000
Cash and cash equivalents at end of period $ 3,300,000 $ 2,759,000