Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 11 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net loss $ (5,226) $ (12,258) $ (3,177)
Adjustments to reconcile net loss to net cash used in operating activities:      
Share based compensation 29 604 28
Change in fair value of convertible notes payable 0 99 0
Change in fair value of warrant liabilities 0 451 188
Debt discount amortization 73 174 123
Issuance of common shares for services 22 0 0
Research and development - licenses acquired, expensed 3,000 0 0
Issuance of common shares - Founders Agreement 0 948 5
Common shares issuable - Founders Agreement 40 1,103 49
Financing fees expensed related to convertible notes, at fair value 0 0 58
Non-cash financing fees expensed related to convertible notes, at fair value 0 0 12
Changes in operating assets and liabilities:      
Prepaid expenses 0 (388) 0
Accounts payable and accrued expenses 491 2,231 15
Accrued expenses - related party 511 337 829
Interest payable 0 (57) 57
Accrued interest - related party 165 (46) 181
Net cash used in operating activities (895) (6,802) (1,632)
Cash flows from investing activities:      
Purchase of research and development licenses (3,000) 0 0
Purchase of Short-term investments (certificates of deposits) 0 (10,000) 0
Net cash used in investing activities (3,000) (10,000) 0
Cash flows from financing activities:      
Issuance of common shares 0 37,950 0
Offering costs 0 (3,715) 0
Proceeds from convertible note, at fair value 0 0 200
Financing fees expensed related to convertible notes, at fair value 0 0 (58)
Payment of debt issue costs associated with NSC Note (256) 0 0
Proceeds from NSC Note 3,000 0 0
Repayment of NSC Note 0 (3,000) 0
Proceeds from notes payable - related party 1,165 637 1,673
Repayments of notes payable - related party 0 (3,485) 0
Net cash provided by financing activities 3,909 28,387 1,815
Net change in cash 14 11,585 183
Cash and cash equivalents, beginning of period 0 197 14
Cash and cash equivalents, end of period 14 11,782 197
Supplemental disclosure of cash flow information:      
Cash paid for interest 60 303 183
Non-cash financing activities:      
Conversion of MSA fees into common shares 0 1,000 0
Issuance of Class A common shares to Fortress on February 9, 2015 1 0 0
Warrant liability associated with NSC debt 114 0 0
Issuance of warrants 0 750 0
Extinguishment of Fortress compensation accrual 0 632 0
Modification to interest on fortress note 0 300 0
Conversion of notes payable 0 200 0
Change in fair value of convertible notes warrants 0 15 0
Retirement of common shares 0 0 18
Conversion Class A common shares to Class A preferred shares and common shares $ 0 $ 0 $ 1