The following discussion and analysis should be read in conjunction with the
unaudited condensed consolidated financial statements and notes thereto included
in Part I, Item 1 of this quarterly report on Form 10­Q for the quarter ended
September 30, 2021 (this "Quarterly Report"). This Quarterly Report contains
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995, such
statements are subject to the "safe harbor" created by those sections and
involve risks and uncertainties. Forward-looking statements are based on our
management's beliefs and assumptions and on information available to our
management as of the date hereof. As a result of many factors, such as those set
forth under "Item 1A. Risk Factors" included in our 2020 Annual Report and Part
II, "Item 1A. Risk Factors" in this Quarterly Report, our actual results may
differ materially from those anticipated in these forward-looking statements,
accordingly, you should not place undue reliance on these forward-looking
statements. Except as required by law, we assume no obligation to update these
forward-looking statements publicly, or to update the reasons actual results
could differ materially from those anticipated in these forward-looking
statements, even if new information becomes available in the future. Such
factors may be amplified by the COVID-19 pandemic and its potential impact on
our business and the global economy.
Overview
Lumos Pharma, Inc. is a clinical-stage biopharmaceutical company. References in
this report to "us," "we," "our," "the Company," or "Lumos" are to Lumos Pharma,
Inc. and its wholly-owned subsidiaries. With our principal executive offices
located in Austin, Texas and additional executive and administrative offices
located in Ames, Iowa, we are engaged in advancing our clinical program and
focused on identifying, acquiring, developing, and commercialization of novel
products and new therapies for people with rare diseases on a global level, for
which there is currently a significant unmet need for safe and effective
therapies. Our common stock is listed on the NASDAQ Select Market ("Nasdaq") and
trades under the ticker symbol "LUMO".
We entered into a business combination (the "Merger") between the Company,
formerly known as NewLink Genetics Corporation ("NewLink"), Cyclone Merger Sub,
Inc. ("Merger Sub"), a wholly owned subsidiary of NewLink, and Lumos Pharma,
Inc., ("Private Lumos"), which has since been renamed "Lumos Pharma Sub, Inc."
The Merger closed on March 18, 2020, and Merger Sub merged with and into Private
Lumos, with Private Lumos surviving as a wholly-owned subsidiary of the Company.
Immediately prior to the closing of the Merger, the shares of NewLink common
stock were adjusted with a reverse split ratio of 1-for-9. Under the terms of
the Merger, Private Lumos stockholders received an aggregate of 4,146,405 shares
of our common stock (after giving effect to the reverse split) for each share of
outstanding common stock, Series A Preferred Stock and Series B Preferred Stock
of Private Lumos converted at an exchange ratio of 0.1308319305, 0.0873621142
and 0.1996348626, respectively. Immediately following the reverse stock split
and the completion of the Merger, there were 8,292,803 shares of the Company's
common stock outstanding, of which approximately 50% was held by each of Private
Lumos and NewLink security holders. The Merger was accounted for as a reverse
asset acquisition.
Since the consummation of the Merger, we have focused our efforts on the
development of Private Lumos' sole product candidate, LUM-201, a potential oral
therapy for PGHD and other rare endocrine disorders.
PGHD is a rare endocrine disorder occurring in approximately one in 3,500
persons aged birth to 17 years. Causes of PGHD can be congenital (children are
born with the condition), acquired (brain tumor, head injuries or other causes),
iatrogenic (induced by medical treatment) or idiopathic (of unknown cause).
Children with untreated PGHD will have significant growth failure (potential
adult heights significantly less than five feet and may have abnormal body
composition with decreased bone mineralization, decreased lean body mass and
increased fat mass).
The main therapeutic goal in PGHD is to restore growth, enabling short children
to achieve normal height and prevent complications that could involve metabolic
abnormalities, cognitive deficiencies and reduced quality of life. The current
standard of care for PGHD is limited to daily subcutaneous injections of rhGH
with a treatment cycle lasting up to an average of seven years. Poor compliance
with daily rhGH injections during treatment can result in an adverse impact on
growth. The FDA recently approved a competitive treatment, Skytrofa, a
once-weekly injection which would reduce the number of injections over the
course of treatment for a patient, however, we believe that many providers and
patients will have a preference for an orally administered treatment.
LUM-201 Growth Hormone Secretagogue
Our pipeline is focused on the development of an orally administered small
molecule, LUM-201, which is a growth hormone ("GH") secretagogue, also called
ibutamoren, for rare endocrine disorders where injectable recombinant human
growth hormone ("rhGH") is currently approved. LUM-201 is a tablet formulation
that will be administered once daily.

--------------------------------------------------------------------------------
  Table of Contents
Lumos acquired LUM-201 from Ammonett Pharma LLC ("Ammonett") in July 2018.
LUM-201 received the Orphan Drug Designation ("ODD") in the United States and
the European Union for Growth Hormone Deficiency ("GHD") in 2017. The United
States patent "Detecting and Treating Growth Hormone Deficiency" has been issued
with an expiration in 2036. Other patent applications are pending in multiple
jurisdictions. If approved, LUM-201 has the potential to become the first
approved oral GH secretagogue to treat rare endocrine disorders associated with
GH deficiencies, starting with PGHD, providing an alternative to the current
standard regimen of recombinant growth hormone product injections. A
secretagogue is a substance that stimulates the secretion or release of another
substance. LUM-201 stimulates the release of GH and is referred to as a GH
secretagogue.
LUM-201 stimulates GH via the GH secretagogue receptor, also known as the
ghrelin receptor, thus providing a differentiated mechanism of action to treat
some rare endocrine disorders (involving a deficiency of GH) by increasing the
amplitude of endogenous, pulsatile GH secretion. LUM-201's stimulatory effect is
regulated by both circulating levels of GH and its down-stream mediator
insulin-like growth factor which at supraphysiological levels feedback or
negatively regulate additional release of GH from the pituitary, hence
protecting against hyperstimulation of GH release. LUM-201 has been observed to
stimulate endogenous GH secretion in patients who have a functional but reduced
hypothalamic pituitary GH axis. We believe that a subset of patients with PGHD
who have a functional but reduced hypothalamic pituitary GH axis are expected to
respond to LUM-201 and represent approximately 60% of PGHD patients.
During the fourth quarter of 2020, we launched our OraGrowtH Trials (as defined
below) program to study the effects of LUM-201 in PGHD and initiated our Phase 2
clinical trial ("OraGrowtH210 Trial" or the "Phase 2 Trial") with the opening of
the initial sites participating in this study. The OraGrowtH210 Trial currently
has sites enrolling in the United States, Australia, New Zealand, Poland and
Ukraine with plans to activate the remaining sites in Russia and Israel by the
end of 2021. We currently anticipate the primary outcome data read out for the
OraGrowtH210 Trial will be in the second half of 2023. In response to the FDA's
request in a letter dated July 16, 2021, we announced in July 2021 that we would
extend the treatment period from six months to twelve months to gather
additional efficacy data for LUM-201 in PGHD prior to starting our originally
planned long-term extension trial. The extension of the treatment period will
not impact the primary outcome data read out which will be based on the
annualized data from the first six months of treatment. We continue to review
the timing of the start of the long-term extension study in context of the
OraGrowtH210 Trial extension and gather the requested additional efficacy data
to be reviewed by the FDA prior to initiation. We do not anticipate these
protocol changes, on a stand-alone basis, will extend the time to the initiation
of our Phase 3 clinical trial.
The OraGrowtH210 trial is a randomized study testing three doses of LUM-201 in a
parallel enrollment approach versus the current standard dose of injectable
rhGH. The primary endpoint of the study is preliminary validation of our
predictive enrichment marker ("PEM") patient selection strategy as evidenced by
the percentage of selected patients who grow in response to LUM-201. Secondary
endpoints include selection of a pediatric dose of LUM-201 for future studies
including Phase 3 and determination of the degree of repeatability of the PEM
selection process in PEM positive patients screened for participation in
OraGrowtH210.
The coronavirus pandemic has caused pervasive interruptions to clinical trials
industry-wide. Facing similar near-term impediments, we have experienced
significant delays related to the pandemic as clinical sites adapt their
procedures to caring for patients during a pandemic and we may experience
further delays should significant pandemic related disruptions persist.
During the second quarter of 2021, we initiated our OraGrowtH212 Trial in PGHD
which will run in parallel with the OraGrowtH210 Trial. The OraGrowtH212 trial
will evaluate the effects of the pharmacokinetic and pharmacodynamic ("PK/PD")
effects of LUM-201 in PGHD patients at two dose levels to confirm prior clinical
data illustrating the increased pulsatile release of endogenous growth hormone
unique to LUM-201 and its potential for this mechanism of action to contribute
to efficacy in PGHD. OraGrowtH212 is being conducted at a single specialized
pediatric center with the capacity to conduct the more frequent sample
acquisition and monitoring required for this type of clinical trial. Data from
the OraGrowtH212 Trial may be supportive in future regulatory filings; however,
this trial is not required for regulatory approval of LUM-201. As we announced
in July 2021, this open-label trial was extended from six months to twelve
months of treatment for the patients to capture additional PK/PD and height
velocity data. Given the open-label design of this trial, we have the ability to
perform an interim analysis at our discretion. The PD pulsatility assessment
will continue to occur at baseline and six months on therapy as planned.

--------------------------------------------------------------------------------
  Table of Contents
The graphic below depicts the clinical development plan for PGHD.
[[Image Removed: nlnk-20210930_g2.jpg]]
Potential expansion of LUM-201 into additional endocrine indications
We continue to explore our development path to expand into additional
indications for LUM-201. We are actively reviewing the pathway for LUM-201 in a
certain subset of affected patients in other potential indications including
Turners Syndrome, Prader Willi Syndrome, Idiopathic Short Stature and for
Children Born Small for Gestational Age. Management is working towards
developing the clinical plans for additional targeted indications and will
provide further updates as the indications and plans are developed. Timing for
the initiation of these plans will be somewhat dependent on the outcome of data
developed and identification of the most efficacious dose in the OraGrowtH210
Trial and the timing of such data.
Ebola Vaccine
In November 2014, NewLink entered into the NewLink Merck Agreement with Merck to
develop and potentially commercialize its Ebola vaccine rVSV?G-ZEBOV that it
licensed from PHAC. rVSV?G-ZEBOV was also eligible to receive a PRV if approval
was granted by the FDA, with the Company entitled to 60% of the PRV value
obtained through sale, transfer or other disposition of the PRV. On December 20,
2019, Merck announced that the FDA approved its application for ERVEBO® (Ebola
Zaire Vaccine, Live) for the prevention of disease caused by Zaire Ebola virus
in individuals 18 years of age and older. On July 27, 2020, we and Merck entered
into the PRV Asset Purchase Agreement, whereby we and Merck each agreed that
Merck would purchase the PRV from us for $100.0 million. Merck paid us $60.0
million, representing our share of the purchase price in two installments. The
first installment of $34.0 million was received by us at the closing on July 27,
2020 and the final installment of $26.0 million was received on January 11,
2021.
We also have the potential to earn royalties on sales of the vaccine in certain
countries, if the vaccine is successfully commercialized by Merck. However, we
believe that the market for the vaccine will be limited primarily to areas in
the developing world that are excluded from royalty payment or where the vaccine
is donated or sold at low or no margin and therefore we do not expect to receive
material royalty payments from Merck in the foreseeable future.
NewLink's Legacy Oncology Candidates
In connection with the Merger, we acquired NewLink's small-molecule product
candidates. These product candidates, indoximod, NLG802 (a prodrug of indoximod)
and NLG919 (a direct IDO1 enzymatic inhibitor) are indoleamine-2, 3-dioxygenase
pathway inhibitors.

--------------------------------------------------------------------------------
  Table of Contents
Two U.S. patents covering both the salt and prodrug formulations of indoximod
were issued in the United States on August 15, 2017 and February 19, 2019,
respectively, providing exclusivity until at least 2036. We are continuing to
pursue international patent coverage for these formulations in some countries,
we are exploring the potential for further development and licensing
opportunities and we are actively providing drug product to external
collaborators conducting investigator initiated studies.
Financial Overview
Revenue
We have no products approved for commercial sale and have not generated any
revenue from product sales. In the future, we may generate revenue from product
sales, royalties on product sales, or license fees, milestones, or other upfront
payments if we enter into any collaborations or license agreements. We expect
that our future revenue will fluctuate from quarter to quarter for many reasons,
including the uncertain timing and amount of any such payments and sales.
Research and Development Expenses
Research and development expenses consist primarily of costs incurred to advance
our product candidate, LUM-201. Our research and development expenses include
internal personnel expenditures along with external research and development
expenses incurred under arrangements with third parties, such as contract
research and manufacturing organizations, consultants, and our scientific
advisors.
We expense research and development costs as incurred. Nonrefundable advance
payments for goods and services that will be used in future research and
development activities are capitalized as an asset and expensed when the service
has been performed or when the goods have been received. We expect our research
and development expenses to increase for the foreseeable future as we continue
to conduct our clinical trial programs for our product candidates develop our
pipeline and pursue regulatory approval of our product candidates.
General and Administrative Expenses
General and administrative expenses consist primarily of professional fees for
legal, auditing, tax and business consulting services, personnel expenses and
travel costs. We expect that general and administrative expenses will increase
in the future as we expand our operating activities.
Critical Accounting Policies and Significant Judgments and Estimates
We have prepared our condensed consolidated financial statements in accordance
with U.S. GAAP which requires us to make estimates, assumptions and judgments
that affect the reported amount of assets, liabilities, expenses. On an ongoing
basis, we evaluate these estimates and judgments. We based our estimates on
historical experience and on various assumptions that we believe to be
reasonable under the circumstances. These estimates and assumptions form the
basis for making judgments about the carrying values of assets and liabilities
and the recording of expenses that are not readily apparent from other sources.
Actual results could, therefore, differ materially from these estimates under
different assumptions or conditions.
Management believes there have been no material changes to the critical
accounting policies from those discussed in Note 2 - "Summary of Significant
Accounting Policies and Recent Accounting Pronouncements" of our consolidated
financial statements included in the Company's 2020 Annual Report.
COVID-19
The pandemic caused by an outbreak of COVID-19 has resulted, and is likely to
continue to result, in significant national and global economic disruption and
may continue to adversely affect our operations. We are actively monitoring the
potential impact of COVID-19, if any, on the carrying value of certain assets
and our continued operations. To date, we have experienced delays related to
clinical trials as clinical sites adapt their procedures to caring for patients
during a pandemic, however, we have not incurred impairment of any assets as a
result of COVID-19. The extent to which these events may impact our business,
clinical development, regulatory efforts, and the value of our common stock,
will depend on future developments, which are highly uncertain and cannot be
predicted at this time. The duration and intensity of these impacts and
resulting disruption to our operations is uncertain and we will continue to
evaluate the impact that these events could have on our operations, financial
position, and results of operations and cash flows during the remainder of
fiscal year 2021.

--------------------------------------------------------------------------------
  Table of Contents
Results of Operations
Comparison of the Three Months Ended September 30, 2021 and 2020:

                                             Three Months Ended September 30,
                                                  2021                2020               Change in $                  Change in %
                                                      (in thousands)                    (in thousands)
Revenues:

License and collaboration revenues $ – $ 74

                    (74)                            (100) %
Total revenues                                         -                 74
Operating expenses:
 Research and development                          4,112              2,075                   2,037                               98  %
General and administrative                         3,385              5,156                  (1,771)                             (34) %
Total operating expenses                           7,497              7,231

Other income, net                                      9              6,490                  (6,481)                            (100) %

Income tax benefit                                     -              2,432                  (2,432)                            (100) %

Net income (loss) attributable to
common shareholders                          $    (7,488)         $   1,765


Revenues. Revenues decreased by $74,000 for the three months ended September 30,
2021 compared to the same period in 2020 primarily due to the wind-down of work
we performed in relation to ERVEBO® as a subcontractor of Merck.
Research and Development Expenses. Research and development expenses increased
by $2.0 million for the three months ended September 30, 2021 compared to the
same period in 2020 primarily due to increases of $1.8 million in clinical trial
and contract manufacturing expenses, $0.4 million in personnel-related expenses
and $0.1 million in stock compensation expenses, offset by a decrease of $0.3
million in supplies and other expenses.
General and Administrative Expenses. General and administrative expenses
decreased by $1.8 million for the three months ended September 30, 2021 as
compared to the same period in 2020 primarily due to decreases of $1.3 million
in personnel-related expenses, $0.3 million in legal, consulting and other
expenses and $0.2 million in operating expenses for insurance, rent, supplies,
and depreciation.
Other Income, net. Other income, net decreased by $6.5 million for the three
months ended September 30, 2021 compared to the same period in 2020 primarily
due to a gain of $6.3 million recognized upon sale of the PRV in July 2020.
Income Tax Benefit. The income tax benefit decreased by $2.4 million for the
three months ended September 30, 2021 as compared to the same period in 2020
primarily due to anticipated taxable loss relating to operations in 2021 as
compared to the benefit recorded as a result of the release of the valuation
allowance relating to Private Lumos NOL carryforwards and a current tax benefit
that management anticipated would be utilized in 2020.

--------------------------------------------------------------------------------
  Table of Contents
Comparison of the Nine Months Ended September 30, 2021 and 2020:

                                              Nine Months Ended September 30,
                                                  2021                2020                Change in $                 Change in %
                                                       (in thousands)                    (in thousands)
Revenues:
Licensing and collaboration revenue          $        10          $      128                    (118)                            (92) %
Total revenues                                        10                 128
Operating expenses:
 Research and development                         12,885               6,743                   6,142                              91  %
General and administrative                        11,903              12,634                    (731)                             (6) %
Total operating expenses                          24,788              

19 377

Other (expense) income, net                          (11)              6,680                  (6,691)                           (100) %

Income tax benefit                                     -               9,321                  (9,321)                           (100) %

Net loss attributable to common
shareholders                                 $   (24,789)         $   

(3,248)


Revenues. Revenues decreased by $0.1 million for the nine months ended
September 30, 2021 compared to the same period in 2020 primarily due to the
wind-down of work we performed in relation to ERVEBO® as a subcontractor of
Merck.
Research and Development Expenses. Research and development expenses increased
by $6.1 million for the nine months ended September 30, 2021 compared to the
same period in 2020 primarily due to increases of $4.4 million in clinical trial
and contract manufacturing expenses, $1.3 million in personnel-related expenses
and $0.6 million in stock compensation expenses, offset by a decrease of $0.2
million in operating expenses for supplies, depreciation and rent.
General and Administrative Expenses. General and administrative expenses
decreased by $0.7 million for the nine months ended September 30, 2021 as
compared to the same period in 2020 primarily due to decreases of $1.5 million
in legal, consulting and other expenses, $0.3 million in operating expenses for
supplies, depreciation and rent and $0.2 million in personnel-related expenses,
offset by increases of $1.0 million in stock compensation expenses and $0.3
million in insurance expenses.
Other Income, net. Other income, net decreased by $6.7 million for the nine
months ended September 30, 2021 compared to the same period in 2020 primarily
due to a gain of $6.3 million recognized upon sale of the PRV in July 2020.
Income Tax Benefit. The income tax benefit decreased by $9.3 million for the
nine months ended September 30, 2021 as compared to the same period in 2020
primarily due to anticipated taxable loss relating to operations in 2021 as
compared to 2020, which included recording of $4.5 million of current tax
benefit related to carry back of NOL under the CARES Act, $3.8 million of
deferred tax benefit for losses we anticipate would be offset by future income
and $1.0 million of deferred tax benefit for release of valuation allowance from
Private Lumos.
Liquidity and Capital Resources
We have historically devoted substantially all our efforts toward research and
development and have never earned revenue from commercial sales of our products.
We expect to continue to incur additional substantial losses in the foreseeable
future as a result of our research and development programs and from general and
administrative costs associated with our operations. However, we believe that
our existing cash and cash equivalents of approximately $100.7 million as of
September 30, 2021 will be sufficient to allow us to fund our operations through
read out of the Phase 2b clinical trial for a subset of patients with PGHD
indication under our LUM-201 product candidate and for at least 12 months from
the filing date of this Quarterly Report.
We may seek to sell additional equity or debt securities or obtain a credit
facility from time to time or if our available cash and cash equivalents are
insufficient to satisfy our liquidity requirements or if we develop additional
opportunities to do so. The sale of additional equity and debt securities may
result in additional ownership dilution to our stockholders. If we raise
additional funds through the issuance of debt securities or preferred stock,
these securities could have rights senior to those of

--------------------------------------------------------------------------------
  Table of Contents
our common stock and could contain covenants that would restrict our operations.
We may require additional capital beyond our currently forecasted amounts. Any
such required additional capital may not be available on reasonable terms, if at
all. If we are unable to obtain additional financing, we may be required to
reduce the scope of, delay or eliminate some or all of our planned research and
development activities, which could harm our business.
Because of the numerous risks and uncertainties associated with the research and
development of our product candidates, we are unable to estimate the exact
amounts of our working capital requirements. Our future funding requirements
will depend on many factors, including, but not limited to:
•the scope, progress, results, and costs of clinical trials for our product
candidates, and discovery and development activities related to new product
candidates;
•the timing of, and the costs involved in, obtaining regulatory approvals for
our product candidates;
•the cost of commercialization activities if any of our product candidates are
approved for sale, including marketing, sales, facilities, and distribution
costs;
•the cost of manufacturing our product candidates and any products we
commercialize;
•our ability to establish and maintain strategic collaborations, licensing or
other arrangements and the financial terms of such agreements;
•whether, and to what extent, we are required to repay our royalty obligation to
IEDA;
•the costs involved in preparing, filing, prosecuting, maintaining, defending
and enforcing patent claims, including litigation costs and the outcome of such
litigation;
•the impact of public health crises such as the current COVID-19 pandemic or
similar outbreaks, and
•the timing, receipt and amount of sales of, or royalties on, our future
products, if any.
On December 30, 2020, we entered into a Controlled Equity OfferingSM Sales
Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co., as agent (the
"Agent"), pursuant to which we may offer and sell from time to time through the
Agent up to $50.0 million of shares of our common stock (the "Shares"). The
offering and sale of the Shares has been registered under the Securities Act.
Under the Sales Agreement, the Agent may sell the Shares by any method permitted
by law and deemed to be an "at-the-market" offering as defined in Rule 415(a)(4)
promulgated under the Securities Act, including sales made directly on or
through the Nasdaq, on any other existing trading market for the Shares, in
negotiated transactions at market prices prevailing at the time of sale or at
prices related to such prevailing market prices and/or any other method
permitted by law. We will notify the Agent of the number of Shares to be issued,
the time period during which sales are requested to be made, any limitation on
the number of Shares that may be sold in any one day and any minimum price below
which sales may not be made. We intend to use the net proceeds from this
offering for working capital and general corporate purposes, which include, but
are not limited to, expanding clinical development opportunities for our product
candidate into potential additional indications, and general and administrative
expenses. We may also use a portion of the net proceeds to invest in future
strategic transactions to expand and diversify our product pipeline through the
acquisition or licensing of product candidates or technologies that are
complementary to our own. We will pay the Agent a commission of up to 3.0% of
the gross sales price of the Shares sold through it under the Sales Agreement.
In addition, we have agreed to reimburse certain expenses incurred by the Agent
in connection with the offering. The Sales Agreement may be terminated by the
Agent or by us at any time upon notice to the other party, as set forth in the
Sales Agreement, or by the Agent at any time in certain circumstances, including
the occurrence of a material and adverse change in our business or financial
condition that makes it impractical or inadvisable to market the shares or to
enforce contracts for the sale of the Shares. As of September 30, 2021, no
shares have been issued under the Sales Agreement.

--------------------------------------------------------------------------------
  Table of Contents
Cash Flows
The following table sets forth the primary sources and uses of cash for each of
the periods set forth below (in thousands):
                                                      Nine Months Ended 

September 30,

                                                            2021                     2020
   Net cash used in operating activities       $        (23,820)                  $ (16,017)
   Net cash provided by investing activities             25,983                     116,661
   Net cash used in financing activities                   (192)                        (21)
   Net increase in cash and equivalents        $          1,971                   $ 100,623


For the nine months ended September 30, 2021 and 2020, our operating activities
used cash of $23.8 million and $16.0 million, respectively. The increase was
primarily due to an increase in net loss during the nine months ended
September 30, 2021 as compared to the nine months ended September 30, 2020. The
increase in net loss was offset by a gain on sale of the PRV of $6.3 million and
recognition of a deferred tax benefit of $4.8 million in the nine months ended
September 30, 2020, as well as decrease in the change in working capital for the
nine months ended September 30, 2021 as compared to the nine months ended
September 30, 2020. The decrease in working capital is primarily due to
obligations paid out related to the Merger during the nine months ended
September 30, 2020.
For the nine months ended September 30, 2021 and 2020, our investing activities
provided cash of $26.0 million and $116.7 million, respectively. The decrease
resulted from $26.0 million in cash received towards the final installment from
sale of the PRV during the nine months ended September 30, 2021 as compared to
$32.5 million in cash received towards the first installment from sale of the
PRV and $84.2 million in cash acquired in connection with the Merger during the
nine months ended September 30, 2020.
For the nine months ended September 30, 2021 and 2020, our financing activities
used net cash of $192,000 and none, respectively. The cash used in financing
activities relates to $148,000 in expenses related to the common stock offering
under our Controlled Equity OfferingSM and a $114,000 payment for tax
withholding on vested awards offset by $64,000 received upon the exercise of
stock options and $6,000 from sale of shares under the employee stock purchase
plan.

© Edgar online, source Previews


Source link

About The Author

Related Posts