Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (18,413) $ (7,173)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 4 4
Stock-based compensation expense 288 584
Change in fair value of warrant liability 10,093
Amortization of operating lease right of use asset 119 75
Changes in assets and liabilities:    
Prepaid expense and other current assets (771) 625
Accounts payable and accrued liabilities (635) (46)
Operating lease liability (107) (73)
Net cash used in operating activities (9,422) (6,004)
Cash flows from investing activities    
Purchases of property, plant, and equipment (12) (2)
Net cash used in investing activities (12) (2)
Cash flows from financing activities    
Payments on financed insurance policies (240)
Issuance costs related to issuance of Series A-1 preferred stock and warrants (2,153)
Proceeds from issuance of Series A-1 preferred stock and warrants 30,190  
Net cash provided by financing activities 27,797
Net increase (decrease) in cash and cash equivalents 18,363 (6,006)
Cash and cash equivalents at the beginning of the period 455 16,579
Cash and cash equivalents at the end of the period 18,818 10,573
Supplemental cash flow information    
Accrued dividends on preferred stock 795
Fair value of warrants issued in connection with the issuance of preferred stock 2,831
Deferred preclinical and other charges included in prepaid expenses and other current assets 151 780
Cash paid for income taxes