Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net loss $ (52,006) $ (103,130) $ (77,056)
Adjustments to reconcile net loss to cash used in operating activities:      
Depreciation 161 152 136
Share-based compensation expense 2,759 2,173 1,290
Gain on short term investments   (125) (423)
Non-cash gain on short term investments     (278)
Interest on short-term investments   (5) (40)
Amortization of debt discount and deferred financing costs 10,929 362 360
Financing transaction costs included in financing activities 2,848    
Adjustments to fair value of derivatives 1,745    
Extinguishment of debt (340)    
Other 752 752 362
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 1,671 2,471 (3,613)
Other assets 308 (1,166) (2,273)
Accounts payable (14,671) 11,446 849
Accrued expenses (10,628) 5,851 3,072
Income taxes (120) 123 120
Other liabilities (1,116) (826) 242
Net cash used in operating activities (54,528) (81,922) (77,252)
Cash flows from investing activities:      
Purchases of property and equipment (11) (24) (90)
Purchases of short-term investments     (96,493)
Proceeds from sale of short-term investments   40,125 87,925
Net cash (used in) / provided by investing activities (11) 40,101 (8,658)
Cash flows from financing activities:      
Proceeds from PPP Loan 744    
Repayments of long-term debt (6,233) (1,034)  
Proceeds from private placement and rights offering, net of transactions costs 45,038    
Proceeds from issuance of ordinary shares, net of transaction costs 24,926 3,037 1,362
Proceeds from issuance of debt, net of debt issuance costs     14,507
Proceeds from exercise of share options   60 7
Net cash provided by financing activities 64,475 2,063 122,204
Effect of exchange rates on cash and cash equivalents (11) (22) (108)
Net increase / (decrease) in cash, cash equivalents and restricted cash 9,925 (39,780) 36,186
Cash, cash equivalents and restricted cash, at beginning of period 4,891 44,671 8,485
Cash, cash equivalents and restricted cash, at end of period 14,816 4,891 44,671
Supplemental Disclosure of Cash Flow Information:      
Income tax paid—U.S. 120 414 352
Interest paid 996 $ 1,399 809
IPO      
Cash flows from financing activities:      
Proceeds from issuance of ordinary shares, net of transaction costs     74,153
Series B Convertible Preferred Shares      
Cash flows from financing activities:      
Proceeds from issuance of convertible preferred shares     $ 32,175
Exchangeable Notes      
Adjustments to reconcile net loss to cash used in operating activities:      
Interest on exchangeable notes - non-cash $ 3,180