Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities    
Net loss $ (63,499,772) $ (16,072,547)
Adjustments to reconcile net loss used in operating activities:    
Depreciation and amortization 1,843,178 3,883,567
Impairment of intangible assets 0 1,449,121
Stock-based compensation 6,785,686 2,532,257
Acquired in-process research and development 25,549,344 0
Deferred taxes 195,585 16,743
Amortization of inventory fair value adjustment associated with acquisition of TRx and Avadel's pediatric products 0 107,271
Gain on Aytu Divestiture 0 (7,964,924)
Change in fair value of Investment in Aytu (5,207,789) (53,932)
Change in fair value of Guarantee (1,755,000) 0
Change in fair value of contingent consideration liability 0 (1,009,169)
Change in fair value of warrant liability and unit purchase option liability (14,054) 3,888
Changes in assets and liabilities:    
Accounts receivable, net (678,101) 1,658,333
Other receivables (2,106,828) 5,120,247
Inventory, net 18,198 532,947
Prepaid expenses and other assets (1,859,402) (917,016)
Accounts payable 98,520 1,019,358
Income taxes payable 288,329 (1,480,587)
Accrued expenses and other liabilities (195,712) (6,835,395)
License obligations 0 (1,250,000)
Lease liability, net (1,882) 125,506
Net cash used in operating activities (40,539,700) (19,134,332)
Investing activities    
Proceeds from sale of Investment in Aytu, net 12,836,736 0
Net cash paid in merger with Aevi (1,641,819) 0
Loan to Aevi 0 (4,139,401)
Net cash received from Aytu Divestiture 0 3,958,412
Purchase of property and equipment (62,659) (262,013)
Net cash provided by (used in) investing activities 11,132,258 (443,002)
Financing activities    
Proceeds from underwritten public offering, net 35,427,963 8,975,960
Proceeds from registered direct offering, net 5,136,184 0
Proceeds from private placement, net 3,887,991 3,708,602
Proceeds from exercise of stock options and warrants 114,092 836,188
Proceeds from shares purchased through employee stock purchase plan 312,175 210,777
Restricted stock units withheld for taxes (93,869) (33,959)
Payment of contingent consideration 0 (881,932)
Payment of long-term debt 0 (256,140)
Net cash provided by financing activities 44,784,536 12,559,496
Increase (decrease) in cash, cash equivalents, and restricted cash 15,377,094 (7,017,838)
Cash, cash equivalents, and restricted cash at beginning of period 3,728,918 10,746,756
Cash, cash equivalents, and restricted cash at end of period 19,106,012 3,728,918
Supplemental disclosures of cash flow information    
Cash paid for interest 0 1,050,000
Cash paid for taxes 474,000 1,803,665
Supplemental disclosures of non-cash activities    
Issuance of common stock in Aevi Merger 15,495,578 0
Leased asset obtained in exchange for new operating lease liability 376,448 743,025
Cash and cash equivalents 18,919,448 3,609,438
Restricted cash, current portion 37,922 17,535
Restricted cash, net of current portion 148,642 101,945
Total cash, cash equivalents and restricted cash $ 3,728,918 $ 3,728,918