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, 2018
Dec. 31, 2017
Operating activities:    
Net loss $ (26,754) $ (17,647)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 570 369
Stock-based compensation 4,943 3,046
Other non-cash transactions 75 293
Realized investment gains (1,651) 0
Deferred tax benefit (164) 0
Foreign currency re-measurement loss 22 156
Changes in operating assets and liabilities:    
Accounts receivable 12,511 (14,469)
Prepaid expenses and other assets (3,939) 1,900
Deferred revenue 9,308 74,378
Accounts payable 764 (332)
Accrued expenses and other current liabilities 3,249 2,060
Net cash (used in)/provided by operating activities (1,066) 49,754
Investing activities:    
Purchase of property and equipment (1,698) (1,950)
Proceeds from maturities of investments 88,358 0
Proceeds from sale of investments 22,047 0
Purchase of investments (117,582) (43,925)
Net cash used in investing activities (8,875) (45,875)
Financing activities:    
Proceeds from exercise of options 986 781
Proceeds from exercise of warrants 314 3,309
Issuance of Common and Preferred Stock, net of issuance costs 47,211 0
Net cash provided by financing activities 48,511 4,090
Effect of exchange rate change on cash and cash equivalents (1,581) 553
Net increase in cash and cash equivalents 36,989 8,522
Cash and cash equivalents at beginning of year 37,878 29,356
Cash and cash equivalents at end of year 74,867 37,878
Supplemental cash flow disclosures:    
Cash paid for income taxes 908 0
Net unrealized gain (loss) on investments 681 (820)
Property and equipment included in accounts payable $ 241 $ 114