Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (30,544) $ (18,058)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 9 7
G&A expense for issuance of common stock 21
Stock-based compensation expense 1,767 1,047
Amortization of operating lease right of use asset 275 154
Change in fair value of warrant liability 10,303
Changes in assets and liabilities:    
Prepaid expense and other current assets (1,117) 62
Accounts payable and accrued liabilities 1,276 1,267
Operating lease liability (252) (151)
Net cash used in operating activities (18,283) (15,651)
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 (496) (482)
Issuance of common stock for cash, net of issuance costs 11
Proceeds from issuance of Series A-1 preferred stock and warrants 30,190
Issuance costs related to Series A-1 preferred stock and warrants (2,153)
Net cash (used in) provided by financing activities 27,541 (471)
Net (decrease) increase in cash 9,246 (16,124)
Cash at the beginning of the period 455 16,579
Cash at the end of the period 9,701 455
Supplemental cash flow information    
Deferred preclinical charges included in prepaid expenses and other current assets 349 420
Deferred insurance charges included in prepaid expenses and other current assets 270 240
Issuance of Series A-2 preferred stock and common stock upon conversion of Series A-1 preferred stock 26,274
Accrued dividends on preferred stock 867
Fair value of warrants issued in connection with the issuance of preferred stock 2,831
Cash paid for interest 24 6
Cash paid for income taxes