Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (2,425,000)
|
$ (3,252,000)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Share-based compensation |
393,000
|
130,000
|
| Amortization of discount on marketable securities |
(14,000)
|
(26,000)
|
| Non-cash lease expense |
13,000
|
12,000
|
| Depreciation |
6,000
|
6,000
|
| Changes in operating assets and liabilities: |
|
|
| Amounts receivable |
(162,000)
|
(150,000)
|
| Prepaid expenses |
(290,000)
|
72,000
|
| Deposits |
(107,000)
|
|
| Accounts payable |
262,000
|
201,000
|
| Accrued liabilities |
(654,000)
|
(127,000)
|
| Net cash used in operating activities |
(2,978,000)
|
(3,134,000)
|
| Cash flows from investing activities: |
|
|
| Purchase of marketable securities |
(8,799,000)
|
(10,928,000)
|
| Maturities of marketable securities |
3,500,000
|
|
| Purchase of property and equipment |
(2,000)
|
|
| Net cash used in investing activities |
(5,301,000)
|
(10,928,000)
|
| Cash flows from financing activities: |
|
|
| Proceeds from issuance of common shares, net of offering costs |
7,682,000
|
|
| Proceeds from the exercise of stock options |
16,000
|
|
| Principal payments on finance lease obligations |
(2,000)
|
(2,000)
|
| Net cash provided by financing activities |
7,696,000
|
(2,000)
|
| Net decrease in cash and cash equivalents |
(583,000)
|
(14,064,000)
|
| Cash and cash equivalents at beginning of period |
3,883,000
|
16,823,000
|
| Cash and cash equivalents at end of period |
$ 3,300,000
|
$ 2,759,000
|