NVUS 2018 Annual Report

NOVUS THERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

Year Ended December 31,

2018

2017

Operating activities Net loss

$

(14,065) $

(13,116)

Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization

11

22

Stock-based compensation Loss on disposal of equipment

1,543

579

Ͷ

49

Changes in operating assets and liabilities: Prepaid expenses and other assets Accounts payable and accrued expenses Net cash used in operating activities Investing activities Cash received from merger transaction

(476)

(517)

1,094

(1,958) (14,941)

(11,893)

Ͷ Ͷ Ͷ

23,250

Proceeds from sale of equipment

8

Net cash provided by investing activities

23,258

Financing activities Proceeds from issuance of common stock, net Proceeds from exercise of warrants Proceeds from exercise of stock options

7,491

4,750 3,119

Ͷ

Ͷ

71

Net cash provided by financing activities

7,562

7,869 16,186 1,117 17,303

Net (decrease) increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period Supplemental disclosure of cash flow information Noncash activities: Conversion of promissory note and interest to common stock Conversion of contingently issuable shares to common stock

(4,331) 17,303

$

12,972 $

Ͷ $ Ͷ $ Ͷ $ Ͷ $

$ $ $ $ $ $ $

3,447

291

Issuance of common stock in merger

23,375

Conversion of preferred shares to common stock

27

Fair value of assets acquired and liabilities assumed in the merger: Fair value of assets acquired, excluding cash and restricted cash

Ͷ $

3,072

Fair value of liabilities assumed

Ͷ

(2,947)

Fair value of net assets acquired in the merger

Ͷ $

125

See accompanying notes to consolidated financial statements.

F-6