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 $ (32,856,000) $ (59,140,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 198,000 94,000
Non-cash lease expense 441,000 456,000
Equity based compensation 9,500,000 25,165,000
Gain on settlement of debt (553,000) 0
Change in fair value of modified options 321,000 0
Fair value of subsidiary stock issued to acquire research and development from Trek Therapeutics, PBC 0 3,174,000
Fair value of subsidiary stock issued to acquire research and development 0 1,299,000
Changes in operating assets and liabilities:    
Inventory (1,114,000) (287,000)
Prepaid expenses (50,000) (119,000)
Deferred revenue 38,000 0
Payment of long term deposit 60,000 (18,000)
Accounts payable (1,988,000) 3,233,000
Operating lease liabilities (396,000) (458,000)
Net cash used in operating activities (26,399,000) (26,601,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (542,000) (87,000)
Net cash used in investing activity (542,000) (87,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 9,004,000 25,215,000
Proceeds from sale subsidiary stock to non-controlling interest, net of issuance costs 0 10,592,000
Proceeds from sale of common stock under a At-the-market offering, net of issuance costs 1,300,000 2,228,000
Proceeds from exercise of options 28,000 2,722,000
Proceeds from exercise of warrants 0 2,090,000
Net cash provided by financing activities 10,332,000 42,847,000
Net increase in cash and cash equivalents (16,609,000) 16,159,000
Cash and cash equivalents, beginning of the period 28,268,000 12,109,000
Cash and cash equivalents, end of the period 11,659,000 28,268,000
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
Noncash investing and financing activities:    
Dividend payable on preferred stock charged to additional paid in capital 9,000 14,000
Record right-to-use assets and related lease liability 800,000 2,000
Series C Preferred Stock [Member]    
Noncash investing and financing activities:    
Common stock issued upon conversion preferred stock and accrued dividends $ 0 $ 180,000