Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (22,746,000) $ (12,730,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 6,000 5,000
Stock-based compensation expense 1,217,000 850,000
Change in fair value of warrant liability 8,697,000
Amortization of operating lease right of use asset 196,000 114,000
Changes in assets and liabilities:    
Prepaid expense and other current assets (1,884,000) 397,000
Accounts payable and accrued liabilities 849,000 1,908,000
Operating lease liability (179,000) (111,000)
Net cash used in operating activities (13,844,000) (9,567,000)
Cash flows from investing activities    
Purchases of property, plant, and equipment (12,000) (2,000)
Net cash used in investing activities (12,000) (2,000)
Cash flows from financing activities    
Payments on financed insurance policies (291,000)
Issuance costs related to issuance of Series A-1 preferred stock and warrants (2,153,000)
Proceeds from issuance of Series A-1 preferred stock and warrants 30,190,000
Net cash provided by financing activities 27,746,000
Net increase (decrease) in cash and cash equivalents 13,890,000 (9,569,000)
Cash and cash equivalents at the beginning of the period 455,000 16,579,000
Cash and cash equivalents at the end of the period 14,345,000 7,010,000
Supplemental cash flow information    
Accrued dividends on preferred stock 867,000
Fair value of warrants issued in connection with the issuance of preferred stock 2,831,000
Deferred preclinical and other charges included in prepaid expenses and other current assets 293,000 1,517,000
Cash paid for income taxes