Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss for the year $ (26,277,000) $ (28,868,000)
Items not involving cash:    
Stock-based compensation 2,296,000 4,276,000
Shares issued to Aspire Capital as commitment fees 360,000 600,000
Depreciation and amortization 152,000 87,000
Amortization of right-of-use assets 461,000
Interest on lease liabilities 90,000
Unrealized foreign exchange gain/(loss) (23,000) 25,000
Accrued interest on investments (34,000)
Change in operating working capital:    
Prepaid expenses (379,000) (324,000)
Operating lease payments (471,000)
Other assets (40,000) (27,000)
Accounts payable 645,000 726,000
Accrued liabilities 1,662,000 298,000
Cash used in operating activities (21,558,000) (23,207,000)
Cash flows from financing activities:    
Offering costs paid (437,000) (15,000)
Issuance of common shares pursuant to exercise of stock options 718,000 240,000
Cash provided by financing activities 103,448,000 27,871,000
Cash flows from (used in) investing activities:    
Maturity (acquisition) of investments, net (17,268,000) 341,000
Purchase of property and equipment (102,000) (329,000)
Cash provided by (used in) investing activities (17,370,000) 12,000
Effect of exchange rate fluctuations on cash and cash equivalents held 23,000 (8,000)
Increase in cash and cash equivalents 64,543,000 4,668,000
Cash and cash equivalents, beginning of year 15,299,000 10,631,000
Cash and cash equivalents, end of year 79,842,000 15,299,000
December 2019 Public Offering [Member]    
Cash flows from financing activities:    
Issuance of common shares 68,883,000
June 2019 Public Offering [Member]    
Cash flows from financing activities:    
Issuance of common shares 19,736,000
The 2018 ATM Offering [Member]    
Cash flows from financing activities:    
Issuance of common shares 178,000 10,720,000
The 2019 Share Purchase Agreement [Member]    
Cash flows from financing activities:    
Issuance of common shares 4,370,000
The 2018 Purchase Agreement [Member]    
Cash flows from financing activities:    
Issuance of common shares 10,000,000 1,926,000
The 2017 Purchase Agreement [Member]    
Cash flows from financing activities:    
Issuance of common shares $ 15,000,000