Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (12,292,000) $ (10,649,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,843,000 1,164,000
Amortization of discount on marketable securities (4,000) (74,000)
Non-cash lease expense 52,000 49,000
Depreciation 21,000 21,000
Changes in operating assets and liabilities:    
Amounts receivable 483,000 (43,000)
Prepaid expenses (17,000) 322,000
Deposits 78,000 183,000
Accounts payable 917,000 (301,000)
Accrued liabilities (266,000) 226,000
Net cash used in operating activities (9,185,000) (9,102,000)
Cash flows from investing activities:    
Purchase of marketable securities (39,746,000) (12,919,000)
Maturities of marketable securities 23,643,000 9,000,000
Purchase of property and equipment (47,000) (2,000)
Disposition of property and equipment, net 16,000 13,000
Net cash used in investing activities (16,134,000) (3,908,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net of offering costs 28,805,000
Proceeds from exercise of stock options 45,161 75,000
Principal payments on finance lease obligations (5,000) (5,000)
Net cash provided by financing activities 28,845,000 70,000
Net increase (decrease) in cash and cash equivalents 3,526,000 (12,940,000)
Cash and cash equivalents at beginning of period 3,883,000 16,823,000
Cash and cash equivalents at end of period 7,409,000 3,883,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 36,000 26,000
Cash paid for interest $ 2,000 $ 2,000