# EDGAR Filing Document

**Accession Number:** 0001285550
**File Stem:** 0001285550-23-000019
**Filing Date:** 2023-3
**Character Count:** 23351
**Document Hash:** 5b5ba333f2528671e14e422dffceb16f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001285550-23-000019.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001285550-23-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ClearPoint Neuro, Inc.
- **CENTRAL INDEX KEY:** 0001285550
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 582394628
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34822
- **FILM NUMBER:** 23693401

**BUSINESS ADDRESS:**
- **STREET 1:** 120 S. SIERRA AVENUE
- **STREET 2:** SUITE 100
- **CITY:** SOLANA BEACH
- **STATE:** CA
- **ZIP:** 92075
- **BUSINESS PHONE:** 9499006833

**MAIL ADDRESS:**
- **STREET 1:** 120 S. SIERRA AVENUE
- **STREET 2:** SUITE 100
- **CITY:** SOLANA BEACH
- **STATE:** CA
- **ZIP:** 92075

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MRI INTERVENTIONS, INC.
- **DATE OF NAME CHANGE:** 20110714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SURGIVISION INC
- **DATE OF NAME CHANGE:** 20091106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SURGI VISION INC
- **DATE OF NAME CHANGE:** 20040331

?xml version="1.0" ? clpt-20230301

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________________

**FORM 8-K**

_________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** 

**March 1, 2023**

_________________________________________

**CLEARPOINT NEURO, INC.**

**(Exact name of registrant as specified in its charter)**

_________________________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34822** | **58-2394628** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

**120 S. Sierra Ave., Suite 100** 

**Solana Beach, CA 92075**

**(Address of principal executive offices, zip code)**

**(888) 287-9109**

**(Registrant's telephone number, including area code)**

_________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | CLPT | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02. Results of Operations and Financial Condition.**

On March 1, 2023, ClearPoint Neuro, Inc. (the "Company") issued a press release announcing its financial results for the fourth fiscal quarter and full year ended December 31, 2022. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in Item 2.02 of this Form 8-K, as well as Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

The following exhibit is furnished herewith:

---

| | |
|:---|:---|
| Exhibit 99.1 | <u>[Press Release dated](clpt-20230301xexx991.htm)[M](clpt-20230301xexx991.htm)[arch 1, 2023](clpt-20230301xexx991.htm)</u> |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: March 1, 2023 | **CLEARPOINT NEURO, INC.** | **CLEARPOINT NEURO, INC.** |
|  | By: | /s/ Danilo D'Alessandro |
|  |  | Danilo D'Alessandro |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

![image_0a.jpg](image_0a.jpg)

**ClearPoint Neuro Reports Fourth Quarter and Full-Year 2022 Results**

**Company Reports Record Revenues**

SOLANA BEACH, CA, March 1, 2023 – ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the "Company"), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced financial results for its fourth quarter and full-year ended December 31, 2022.

**<u>2022 Full Year and Fourth Quarter Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported fourth quarter 2022 revenue of $5.2 million, a 21% year-over-year increase compared with the fourth quarter of 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported revenue of $20.6 million for the full year 2022, an increase of 26% over 2021 and representing the eighth consecutive year of growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased biologics and drug delivery revenue to $9.1 million for the full year 2022, a 34% increase over 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Added multiple new biologics and drug delivery partners in the quarter to bring the total to more than 50; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and short-term investments totaled $37.5 million as of December 31, 2022.

**<u>Business Outlook</u>**

"We are pleased with our performance in 2022, growing revenue 26% year-over-year, achieving FDA clearance for key new products, adding services and capabilities to support our more than 50 biologics partners, and executing against all four pillars of our growth strategy," commented Joe Burnett, President and CEO at ClearPoint Neuro. "We continue to expect growth of more than 20% in 2023, given the competitiveness of our laser system and the cadence of our pharma partners' continuing progress through the global regulatory process for new gene and cell therapies. We are reiterating our 2023 revenue forecast of between $25 and $27 million."

**<u>Financial Results - Year Ended December 31, 2022</u>**

Total revenue was $20.6 million and $16.3 million for the years ended December 31, 2022 and 2021, respectively.

Functional neurosurgery navigation and therapy revenue increased to $9.1 million during the year ended December 31, 2022 from $8.1 million for the same period in 2021. This increase is primarily driven by $1.5 million of service revenue related to development services for the year ended December 31, 2022, compared to $0.4 million for the same period in 2021.

Biologics and drug delivery revenue, which include sales of disposable products and services related to customer-sponsored pre-clinical and clinical trials utilizing our products, increased 34% to $9.1 million for the year ended December 31, 2022, from $6.8 million for the same period in 2021. This increase is attributable to a $2.0 million increase in service and license revenue and $0.3 million increase in product revenue for the year

------

ended December 31, 2022, due to expanded commitments from our current biologics and drug delivery partners as well as an increase in new partners.

Capital equipment and software revenue, consisting of sales of ClearPoint reusable hardware and software, and of related services, increased 61% to $2.3 million for the year ended December 31, 2022, from $1.4 million for the same period in 2021. This increase is due primarily to an increase in the placements of ClearPoint capital and software.

The Company achieved a gross margin of 66% on its sales for 2022, compared to a gross margin of 68% for 2021. This decrease in gross margin was due primarily to an increase in indirect labor costs in 2022 as compared to 2021 as well an increase in excess and obsolete inventory reserves.

Operating expenses were $29.9 million for the full year 2022, compared with $24.5 million for 2021. The increase was mainly driven by an increase in personnel-related expenses, including share-based compensation, as we increased headcount to fund the expansion of the research and development, clinical, and support organizations.

**<u>Financial Results – Quarter Ended December 31, 2022</u>**

Total revenue was $5.2 million for the three months ended December 31, 2022, and $4.3 million for the three months ended December 31, 2021, which represents an increase of $0.9 million, or 21%.

Functional neurosurgery navigation and therapy revenue increased 7% to $2.3 million for the three months ended December 31, 2022, from $2.1 million for the same period in 2021. The growth was driven by higher service revenue.

Biologics and drug delivery revenue, which includes sales of disposable products and services related to customer-sponsored pre-clinical and clinical trials utilizing our products, increased 37% to $2.3 million for the three months ended December 31, 2022, from $1.7 million for the same period in 2021. This increase is attributable to a $0.7 million increase in service revenue, partially offset by a slight decrease in product revenue.

Capital equipment and software revenue, consisting of sales of ClearPoint reusable hardware and software, and of related services, increased 25% to $0.6 million for the three months ended December 31, 2022, from $0.5 million for the same period in 2021 due to an increase in the placements of ClearPoint capital and software.

Gross margin for the three months ended December 31, 2022, was 64%, as compared to a gross margin of 77% for the three months ended December 31, 2021. The decrease in gross margin was due primarily to higher overhead expenses and inventory reserves.

Operating expenses for the fourth quarter of 2022 were $7.8 million, compared to $7.3 million for the fourth quarter of 2021. The increase was mainly driven by the increase in headcount across the organization and share-based compensation.

At December 31, 2022, the Company had cash and cash equivalents and short-term investments totaling $37.5 million compared to $54.1 million at December 31, 2021, with the decrease resulting primarily from the use of cash in operating activities of $16.2 million.

**<u>Teleconference Information</u>**

Investors and analysts are invited to listen to a live broadcast review of the Company's fourth quarter and full year 2022 on Wednesday, March 1, 2023 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time), which may be accessed online here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=KFYSIHDo. Investors and analysts who would like to participate in the conference call via telephone may do so at (877) 407-9034, or at (202) 493-6737 if calling from outside the U.S. or Canada.

------

For those who cannot access the live broadcast, a replay will be available shortly after the completion of the call until March 31, 2023, by calling (877) 660-6853, or (201) 612-7415 if calling from outside the U.S. or Canada, and then entering conference I.D. number 413671. An online archive of the broadcast will be available on the Company's Investor Relations website at https://ir.clearpointneuro.com/.

**<u>About ClearPoint Neuro</u>**

ClearPoint Neuro's mission is to improve and restore quality of life to patients and their families by enabling therapies for the most complex neurological disorders with pinpoint accuracy. Applications of the Company's current product portfolio include deep brain stimulation, laser ablation, biopsy, and delivery of drugs, biologics, and gene therapy to the brain. The ClearPoint® Neuro Navigation System has FDA clearance, is CE-marked, and is installed in more than 65 sites in North America, Europe, and South America. ClearPoint Neuro is partnered with more than 50 biologics/pharmaceutical companies, academic centers, and contract research organizations, providing solutions for direct CNS delivery of therapeutics in pre-clinical studies and clinical trials worldwide. To date, more than 5,000 procedures have been performed and supported by the Company's field-based clinical specialist team, which offers support and services to our customers and partners. For more information, please visit www.clearpointneuro.com.

**<u>Forward-Looking Statements</u>**

Statements in this press release and in the teleconference referenced above concerning the Company's revenue expectations, plans, growth and strategies may be forward-looking statements within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, the size of total addressable markets or the market opportunity for the Company's products and services, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the Company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the impact of the COVID-19 pandemic, global instability, supply chain disruptions, labor shortages, and macroeconomic and inflationary conditions; future revenue from sales of the Company's ClearPoint Neuro Navigation System and other new products offered by the Company; the Company's ability to market, commercialize and achieve broader market acceptance for the Company's ClearPoint Neuro Navigation System and other new products offered by the Company; the ability of our biologics and drug delivery partners to achieve commercial success, including their use of our products and services in their delivery of therapies; and risks inherent in the research, development, and regulatory approval of new products. More detailed information on these and additional factors that could affect the Company's actual results are described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 2022, both of which have been filed with the Securities and Exchange Commission, and the Company's Annual Report on Form 10-K for the year ended December 31, 2022, which the Company intends to file with the Securities and Exchange Commission on or before March 31, 2023.

**Contact:**

Danilo D'Alessandro, Chief Financial Officer

(949) 900-6833

info@clearpointneuro.com

Caroline Corner, Investor Relations

ir@clearpointneuro.com

------

**CLEARPOINT NEURO, INC.**

**Consolidated Statements of Operations**

**(Dollars in thousands, except for per share data)**

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** |
| Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Product revenue | $12789 | $11913 |
| &nbsp;&nbsp;&nbsp;Service and other revenue | 7762 | 4386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 20551 | 16299 |
| Cost of revenue | 7020 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 13531 | 11123 |
| Research and development costs | 10894 | 9281 |
| Sales and marketing expenses | 9358 | 7217 |
| General and administrative expenses | 9611 | 7999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (16332) | (13374) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Other expense, net | (22) | (63) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (81) | (973) |
| Net loss | $(16435) | $(14410) |
| Net loss per share attributable to common stockholders: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(0.68) | $(0.69) |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 24181854 | 20734236 |

---

------

**CLEARPOINT NEURO, INC.**

**Consolidated Balance Sheets**

**(Dollars in thousands, except for per share data)**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $27615 | $54109 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 9874 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 2665 | 2337 |
| &nbsp;&nbsp;&nbsp;Inventory, net | 9303 | 4938 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1723 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 51180 | 61892 |
| Property and equipment, net | 806 | 539 |
| Operating lease rights of use | 1895 | 2241 |
| Software license inventory | 450 | 519 |
| Licensing rights | 1028 | 265 |
| Other assets | 131 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $55490 | $65581 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $272 | $427 |
| &nbsp;&nbsp;&nbsp;Accrued compensation | 2824 | 2604 |
| &nbsp;&nbsp;&nbsp;Other accrued liabilities | 2065 | 537 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 561 | 507 |
| &nbsp;&nbsp;&nbsp;Deferred product and service revenue, current portion | 1066 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 6788 | 4753 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | 1532 | 1939 |
| &nbsp;&nbsp;&nbsp;Deferred product and service revenue, net of current portion | 390 | 264 |
| &nbsp;&nbsp;&nbsp;2020 senior secured convertible note payable, net | 9893 | 9838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 18603 | 16794 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 25,000,000 shares authorized at December 31, 2022 and 2021; none issued and outstanding at December 31, 2022 and 2021 |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 200,000,000 shares authorized at December 31, 2022 and 2021; 24,578,983 and 23,665,991 shares issued and outstanding at December 31, 2022 and 2021, respectively | 246 | 237 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 187008 | 182482 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (150367) | (133932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 36887 | 48787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $55490 | $65581 |

---

------

**CLEARPOINT NEURO, INC.**

**Consolidated Statements of Cash Flows**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2022** | **2021** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(16435) | $(14410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts | (117) | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 244 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4126 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest |  | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and original issue discounts | 55 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of lease right of use assets, net of accretion in lease liabilities | 533 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts on short-term investments | (284) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in cash resulting from changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (211) | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | (4421) | (1714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (1216) | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (6) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 1591 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability | (541) | (432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 515 | 165 |
| Net cash flows from operating activities | (16167) | (12697) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (253) | (168) |
| &nbsp;&nbsp;&nbsp;Acquisition of licensing rights | (893) |  |
| &nbsp;&nbsp;&nbsp;Purchase of short-term investments | (21590) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities of short-term investments | 12000 |  |
| Net cash flows from investing activities | (10736) | (168) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from public offering of common stock, net of offering costs |  | 46785 |
| &nbsp;&nbsp;&nbsp;Proceeds from stock option and warrant exercises | 268 | 465 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under employee stock purchase plan | 477 | 224 |
| &nbsp;&nbsp;&nbsp;Payments for taxes related to net share settlement of equity awards | (336) | (599) |
| Net cash flows from financing activities | 409 | 46875 |
| Net change in cash and cash equivalents | (26494) | 34010 |
| Cash and cash equivalents, beginning of year | 54109 | 20099 |
| Cash and cash equivalents, end of year | $27615 | $54109 |
| **SUPPLEMENTAL CASH FLOW INFORMATION** |  |  |
| **Cash paid for:** |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes | $— | $— |
| &nbsp;&nbsp;&nbsp;Interest | $523 | $597 |

---

<br>