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 $ (59,140,000) $ (34,471,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 94,000 54,000
Amortization of right of use assets 456,000 346,000
Equity based compensation 25,165,000 15,178,000
Change in fair value of modified options 0 666,000
Fair value of subsidiary stock issued to acquire research and development from Trek Therapeutics, PBC 3,174,000 0
Fair value of warrants to acquire research and development 0 3,162,000
Fair value of subsidiary stock issued to acquire research and development 1,299,000 0
Changes in operating assets and liabilities:    
Inventory (287,000) (578,000)
Vendor deposits (18,000) 100,000
Prepaid expenses (119,000) (90,000)
Payment of long term deposit 0 (48,000)
Accounts payable 3,233,000 538,000
Operating lease liabilities (458,000) (340,000)
Net cash used in operating activities (26,601,000) (15,483,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from disposal of equipment 0 3,000
Payments of patent costs 0 (111,000)
Purchase of property and equipment (87,000) (177,000)
Net cash used in investing activity (87,000) (285,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 25,215,000 10,007,000
Proceeds from sale of common stock under a At-the-market offering, net of issuance costs 2,228,000 0
Proceeds from sale of subsidiary stock to non-controlling interest, net of issuance costs 10,592,000 5,011,000
Proceeds from exercise of options 2,722,000 938,000
Proceeds from exercise of warrants 2,090,000 7,471,000
Net cash provided by financing activities 42,847,000 23,427,000
Net increase in cash and cash equivalents 16,159,000 7,659,000
Cash and cash equivalents, beginning of the period 12,109,000 4,450,000
Cash and cash equivalents, end of the period 28,268,000 12,109,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 0 0
Cash paid during the period for income taxes 0 0
Non cash investing and financing activities:    
Dividend payable on preferred stock charged to additional paid in capital 14,000 25,000
Right-to-use assets and lease liability recorded upon adoption of ASC 842 0 422,000
Record right-to-use assets and related lease liability 2,000 588,000
Series C Preferred Stock [Member]    
Non cash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends $ 180,000 $ 399,000