Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2019 |
Sep. 30, 2018 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (8,169,000)
|
$ (3,772,000)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Share-based compensation |
763,000
|
555,000
|
| Amortization of discount on marketable securities |
(68,000)
|
|
| Non-cash lease expense |
36,000
|
|
| Depreciation |
16,000
|
10,000
|
| Change in fair value of warrant liability |
|
39,000
|
| Changes in operating assets and liabilities: |
|
|
| Amounts receivable |
116,000
|
(963,000)
|
| Prepaid expenses |
280,000
|
(99,000)
|
| Deposits |
(39,000)
|
|
| Accounts payable |
(171,000)
|
(264,000)
|
| Accrued liabilities |
(1,000)
|
698,000
|
| Net cash used in operating activities |
(7,237,000)
|
(3,796,000)
|
| Cash flows from investing activities: |
|
|
| Purchase of marketable securities |
(10,928,000)
|
|
| Maturities of marketable securities |
6,000,000
|
|
| Disposition of property and equipment, net |
12,000
|
|
| Purchase of property and equipment |
|
(63,000)
|
| Net cash used in investing activities |
(4,916,000)
|
(63,000)
|
| Cash flows from financing activities: |
|
|
| Proceeds from the exercise of stock options |
75,000
|
43,000
|
| Principal payments on finance lease obligations |
(4,000)
|
|
| Proceeds from issuance of common shares and warrants, net of offering costs |
|
5,840,000
|
| Proceeds from the exercise of common share purchase warrants |
|
521,000
|
| Net cash provided by financing activities |
71,000
|
6,404,000
|
| Net increase (decrease) in cash and cash equivalents |
(12,082,000)
|
2,545,000
|
| Cash and cash equivalents at beginning of period |
16,823,000
|
1,353,000
|
| Cash and cash equivalents at end of period |
$ 4,741,000
|
$ 3,898,000
|