v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net loss $ (39,014) $ (3,088)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 494 61
Depreciation 1 5
Non-cash acquired in-process research and development 0 2,126
Non-cash interest on convertible notes 0 123
Non-cash interest on convertible notes - related party 0 15
Non-cash discount amortization on convertible notes 0 376
Non-cash discount amortization on convertible notes - related party 0 40
Fair value change in warrant liabilities and premium conversion derivatives 33,829 (198)
Change in assets and liabilities:    
Prepaid expenses and other assets (159) (2)
Accounts payable 200 10
Accrued and other liabilities (1,163) (200)
Net cash used in operating activities (5,812) (732)
Investing activities    
Net cash used in investing activities 0 0
Financing activities    
Proceeds from issuance of convertible notes 0 448
Exercise of stock options 10 0
Net cash provided by financing activities 10 448
Net decrease in cash and cash equivalents (5,802) (284)
Cash and cash equivalents at beginning of period 16,399 1,537
Cash and cash equivalents at end of period 10,597 1,253
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Supplemental non-cash financing transactions:    
Non-cash reclassification of Series A warrant liability to equity 61,793 0
Bifurcation of premium conversion derivative related to convertible notes 0 831
Unpaid deferred offering and issuance costs 88 107
Net change in proceeds receivable from convertible note issuance $ 0 $ 1,750

Source