Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (50,463) $ (28,618)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27 26
Common stock issued to acquire in-process research and development 1,360  
Stock-based compensation 2,876 1,457
Changes in operating assets and liabilities:    
Prepaid expenses (6,859) (1,676)
Accounts payable 1,528 1,663
Lease liabilities and ROU asset, net 51 3
Accrued expenses and other current liabilities 2,914 462
Net cash used in operating activities (48,566) (26,683)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (8,564) (17)
Net cash used in investing activities (8,564) (17)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 9,896 70
Proceeds from ESPP 2 31
Proceeds, net of $711 and $957 expenses, from sale of preferred stock 4,602 6,980
Proceeds, net of $4,646 and $1,045 expenses, from sale of common stock and warrants 108,605 5,838
Net cash provided by financing activities 123,105 12,919
Effect of currency rate change on cash (16) (4)
Net increase (decrease) in cash, cash equivalents and restricted cash 65,959 (13,785)
Cash, cash equivalents and restricted cash beginning of the period 11,349 25,134
Cash, cash equivalents and restricted cash end of period 77,308 11,349
Supplemental disclosures of cash flow information:    
Beneficial conversion feature in connection with sale of Series A Convertible preferred stock and deemed dividend   $ 2,474
Warrants deemed dividend 451  
Series A Convertible preferred stock and deemed dividend $ 1,260