The decrease in other expense, net for the three months ended September 30, 2021 was primarily due to decreases in interest expense resulting from the settlement of debt in October 2020. The increase in other income, net for the nine months ended September 30, 2021 was primarily due to a gain on debt extinguishment resulting from the May 2021 forgiveness of our outstanding PPP Loan and decreases in interest expense resulting from the settlement of debt in October 2020. During the nine months ended September 30, 2020, we incurred approximately $0.9 million in non-cash losses on changes in the fair value of warrants, approximately $0.7 million of interest expense related to our debt, and approximately $0.2 million in costs attributable to the issuance of warrants.
Net Loss and Net Loss per Share
Our net loss from continuing operations for the three-month period ended September 30, 2021 was approximately $1.9 million, or approximately $0.19 per share, compared to our net loss from continuing operations of approximately $1.5 million, or approximately $0.45 per share, for the comparable period in 2020. Our net loss from discontinued operations for the three-month period ended September 30, 2020 was approximately $3.5 million, or approximately $1.07 per share. Our net loss from continuing operations for the nine-month period ended September 30, 2021 was approximately $6.2 million, or approximately $0.64 per share, compared to our net loss from continuing operations of approximately $6.9 million, or approximately $2.25 per share, for the comparable period in 2020. Our net loss from discontinued operations for the nine-month period ended September 30, 2020 was approximately $8.3 million, or approximately $2.70 per share.
Liquidity and Capital Resources
We have funded our operations since inception primarily through the sale of our securities and the issuance of debt, as well as with proceeds from warrant and option exercises, corporate licensing and collaborative agreements, and government-sponsored research grants. At September 30, 2021, we had working capital of approximately $6.9 million compared to working capital of approximately $3.1 million at December 31, 2020.
In May 2021, the approximately $0.7 million of outstanding debt related to our April 2020 PPP Loan was forgiven.
In January 2021, we completed an offering with several accredited institutional investors pursuant to which we issued 2,725,000 shares of our common stock in a registered direct offering and warrants to purchase 2,725,000 shares of our common stock with an exercise price of $3.55 per share in a concurrent private placement. The warrants were exercisable immediately and will expire in July 2026. The net cash proceeds from this offering were approximately $8.8 million after deduction of underwriting fees and other offering expenses.
In January 2020, we completed a financing with several institutional investors pursuant to which we issued 8,700,000 shares of our common stock in a registered direct offering and warrants to purchase 290,000 shares of our common stock with an exercise price of $7.50 per share in a concurrent private placement pursuant to which we received net cash proceeds of approximately $1.9 million, after deduction of underwriting fees and other offering expenses.
During the nine months ended September 30, 2020, we received an aggregate of approximately $7.0 million in cash proceeds from the exercises of warrants to purchase approximately 1,038,147 shares of our common stock.
At September 30, 2021, we had cash and cash equivalents of approximately $7.4 million, which we believe is sufficient to fund our planned operations into the second quarter of 2022. There is substantial doubt about our ability to continue as a going concern. We will require additional funds to finance our operations. We are exploring several financing alternatives; however, there can be no assurance that our efforts to obtain the funding required to continue our operations will be successful.
Sources and Uses of Cash
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Nine Months Ended September 30,
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2021
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2020
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(In thousands)
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Net cash used in operating activities
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(6,818)
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(12,642)
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Net cash used in investing activities
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(18)
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(531)
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Net cash provided by financing activities
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8,841
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12,023
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Net increase (decrease) in cash and cash equivalents
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2,005
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(1,150)
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