Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (84,376)	$ (63,500)
Adjustments to reconcile net loss used in operating activities:
Stock-based compensation	8,172	6,786
Depreciation and amortization	1,657	1,843
Accretion of debt discount	794	0
Deferred taxes	22	197
Acquired in-process research and development, including transaction costs	0	25,549
Change in fair value of Investment in Aytu	0	(5,208)
Change in value of Guarantee	0	(1,755)
Change in fair value of warrant liability and unit purchase option liability	0	(14)
Changes in assets and liabilities:
Accounts receivable, net	1,117	(678)
Other receivables	(1,531)	(2,107)
Other long-term asset	(1,000)	0
Inventory, net	(35)	18
Prepaid expenses and other assets	287	(1,859)
Accounts payable	796	99
Income taxes payable	0	288
Accrued expenses and other liabilities, excluding lease liability	3,250	(196)
Lease liability, net	(45)	(2)
Net cash used in operating activities	(70,892)	(40,539)
Investing activities
Proceeds from sale of Investment in Aytu, net	0	12,837
Net cash paid in merger with Aevi	0	(1,642)
Purchase of property and equipment	(113)	(63)
Net cash (used in) provided by investing activities	(113)	11,132
Financing activities
Proceeds from issuance of common stock and pre-funded warrants in underwritten public offering, net	37,653	0
Proceeds from Notes and warrants, net of debt issuance costs paid	32,900	0
Proceeds from issuance of common stock in underwritten public offering, net	29,046	35,428
Proceeds from common stock pursuant to ATM Program, net	5,230	0
Proceeds from registered direct offering, net	0	5,136
Proceeds from sale of shares pursuant to common stock private placement, net	0	3,888
Proceeds from exercise of stock options	1,567	114
Proceeds from issuance of common stock under employee stock purchase plan	366	312
Restricted stock units withheld for taxes	0	(94)
Net cash provided by financing activities	106,762	44,784
Increase in cash, cash equivalents, and restricted cash	35,757	15,377
Cash, cash equivalents, and restricted cash at beginning of period	19,106	3,729
Cash, cash equivalents, and restricted cash at end of period	54,863	19,106
Supplemental disclosures of cash flow information
Cash paid for interest	1,585	0
Cash paid for taxes	0	474
Supplemental disclosures of non-cash activities
Leased asset obtained in exchange for new operating lease liability	1,373	376
Issuance of common stock in Aevi Merger	0	15,496
Cash and cash equivalents	54,585	18,919
Restricted cash, current	51	38
Restricted cash, non-current	227	149
Total cash, cash equivalents and restricted cash	$ 54,863	$ 19,106