Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2019 |
Jun. 30, 2018 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (5,721,000)
|
$ (2,385,000)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Share-based compensation |
312,000
|
445,000
|
| Amortization of discount on marketable securities |
(53,000)
|
|
| Non-cash lease expense |
24,000
|
|
| Depreciation |
11,000
|
6,000
|
| Change in fair value of warrant liability |
|
39,000
|
| Changes in operating assets and liabilities: |
|
|
| Amounts receivable |
(332,000)
|
(242,000)
|
| Prepaid expenses |
171,000
|
(49,000)
|
| Accounts payable |
(221,000)
|
(61,000)
|
| Accrued liabilities |
(196,000)
|
289,000
|
| Net cash used in operating activities |
(6,005,000)
|
(1,958,000)
|
| Cash flows from investing activities: |
|
|
| Purchase of marketable securities |
(10,928,000)
|
|
| Maturities of marketable securities |
3,000,000
|
|
| Purchase of property and equipment |
|
(42,000)
|
| Disposition of property and equipment, net |
12,000
|
|
| Net cash used in investing activities |
(7,916,000)
|
(42,000)
|
| Cash flows from financing activities: |
|
|
| Proceeds from the exercise of stock options |
75,000
|
43,000
|
| Principal payments on finance lease obligations |
(3,000)
|
|
| Proceeds from issuance of common shares and warrants, net of offering costs |
|
5,840,000
|
| Proceeds from the exercise of common share purchase warrants |
|
490,000
|
| Net cash provided by financing activities |
72,000
|
6,373,000
|
| Net increase (decrease) in cash and cash equivalents |
(13,849,000)
|
4,373,000
|
| Cash and cash equivalents at beginning of period |
16,823,000
|
1,353,000
|
| Cash and cash equivalents at end of period |
$ 2,974,000
|
$ 5,726,000
|