Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (3,622,000) $ (2,425,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 511,000 393,000
Amortization of discount on marketable securities 26,000 (14,000)
Non-cash lease expense 14,000 13,000
Depreciation 6,000 6,000
Changes in operating assets and liabilities:    
Amounts receivable 3,000 (162,000)
Prepaid expenses and other assets (383,000) (397,000)
Accounts payable (410,000) 262,000
Accrued liabilities (458,000) (654,000)
Net cash used in operating activities (4,313,000) (2,978,000)
Cash flows from investing activities:    
Purchase of marketable securities (11,923,000) (8,799,000)
Maturities of marketable securities 11,921,000 3,500,000
Purchases of property and equipment (9,000) (2,000)
Proceeds from disposition of property and equipment 2,000
Net cash used in investing activities (9,000) (5,301,000)
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 244,000 16,000
Principal payments on finance lease obligations (2,000) (2,000)
Net cash provided by financing activities 242,000 7,696,000
Net decrease in cash and cash equivalents (4,080,000) (583,000)
Cash and cash equivalents at beginning of period 7,409,000 3,883,000
Cash and cash equivalents at end of period $ 3,329,000 $ 3,300,000