Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating activities:    
Net loss $ (25,469,000) $ (26,754,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 632,000 570,000
Right-of-use asset amortization 408,000 0
Stock-based compensation 5,374,000 4,943,000
Other non-cash transactions (69,000) 75,000
Realized investment gains (1,161,000) (1,651,000)
Deferred tax benefit 0 (164,000)
Foreign currency re-measurement loss (61,000) 22,000
Changes in operating assets and liabilities:    
Accounts receivable (4,055,000) 12,511,000
Prepaid expenses and other assets (679,000) (3,939,000)
Deferred revenue (28,524,000) 9,308,000
Accounts payable 1,257,000 764,000
Accrued expenses and other current liabilities (914,000) 3,249,000
Lease liabilities 794,000 0
Net cash (used in) operating activities (52,467,000) (1,066,000)
Investing activities:    
Purchase of property and equipment (2,462,000) (1,698,000)
Proceeds from maturities of investments 63,325,000 88,358,000
Proceeds from sale of investments 8,292,000 22,047,000
Purchase of investments (59,317,000) (117,582,000)
Net cash provided by/(used in) investing activities 9,838,000 (8,875,000)
Financing activities:    
Proceeds from exercise of options 553,000 986,000
Proceeds from employee stock purchase plan 369,000 0
Proceeds from exercise of warrants 246,000 314,000
Issuance of Common and Preferred Stock, net of issuance costs 30,998,000 47,211,000
Net cash provided by financing activities 32,166,000 48,511,000
Effect of exchange rate change on cash and cash equivalents (2,144,000) (1,581,000)
Net increase in cash and cash equivalents (12,607,000) 36,989,000
Cash and cash equivalents at beginning of year 74,867,000 37,878,000
Cash and cash equivalents at end of year 62,260,000 74,867,000
Supplemental cash flow disclosures:    
Accretion of Series C convertible preferred stock 2,830 0
Cash paid for income taxes 0 908,000
Net unrealized gain on investments 14,000 681,000
Property and equipment included in accounts payable $ 1,235,000 $ 241,000