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, 2021
Dec. 31, 2020
Operating activities:    
Net loss $ (45,738) $ (37,230)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation and amortization 2,459 2,311
Right-of-use asset amortization (91) (184)
Stock-based compensation 5,215 5,090
Other non-cash transactions (30) (133)
Realized investment gain/loss 0 471
Deferred tax expense 0 164
Foreign currency re-measurement loss 0 (8)
Changes in operating assets and liabilities:    
Accounts receivable (1,813) 5,343
Prepaid expenses and other assets (3,154) (500)
Deferred revenue 19,555 (14,496)
Accounts payable 7,049 (4,354)
Accrued expenses and other current liabilities 9,876 (1,655)
Lease liabilities (988) (715)
Net cash used in operating activities (7,660) (45,896)
Investing activities:    
Purchase of property and equipment (949) (2,726)
Proceeds from maturities of investments 0 83,437
Purchase of investments 0 (41,499)
Net cash (used in) provided by investing activities (949) 39,212
Financing activities:    
Proceeds from exercise of options 1,024 291
Proceeds from employee stock purchase plan 165 200
Proceeds from exercise of warrants 837 0
Proceeds from issuance of common stock resulting from ATM sales, net of $1.5 million in transaction costs 38,188 9,624
Proceeds from issuance of common stock from private placement, net of $0.1 million in issuance costs 18,913 0
Net cash provided by financing activities 59,127 10,115
Effect of exchange rate change on cash and cash equivalents (3,190) 4,745
Net increase in cash and cash equivalents 47,328 8,176
Cash and cash equivalents at beginning of year 70,436 62,260
Cash and cash equivalents at end of year 117,764 70,436
Supplemental cash flow disclosures:    
Property and equipment included in accounts payable $ 237 $ 131