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, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (13,592,000) $ (12,292,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,558,000 1,843,000
Amortization of discount on marketable securities 161,000 (4,000)
Non-cash lease expense 58,000 52,000
Depreciation 24,000 21,000
Changes in operating assets and liabilities:    
Amounts receivable 210,000 483,000
Deposits (103,000) 78,000
Prepaid expenses (20,000) (17,000)
Accounts payable (590,000) 917,000
Accrued liabilities 42,000 (266,000)
Net cash used in operating activities (12,252,000) (9,185,000)
Cash flows from investing activities:    
Purchase of marketable securities (69,813,000) (39,746,000)
Maturities of marketable securities 49,296,000 23,643,000
Purchase of property and equipment (22,000) (47,000)
Disposition of property and equipment, net 2,000 16,000
Net cash used in investing activities (20,537,000) (16,134,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net of offering costs 29,849,000 28,805,000
Proceeds from exercise of stock options 244,000 45,000
Principal payments on finance lease obligations (6,000) (5,000)
Net cash provided by financing activities 30,087,000 28,845,000
Net increase (decrease) in cash and cash equivalents (2,702,000) 3,526,000
Cash and cash equivalents at beginning of period 7,409,000 3,883,000
Cash and cash equivalents at end of period 4,707,000 7,409,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 28,000 $ 36,000