Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (11,108) $ (18,413)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 9 4
Stock-based compensation expense 1,163 288
Change in fair value of warrant liability (5,002) 10,093
Amortization of operating lease right of use asset 162 119
Changes in assets and liabilities:    
Prepaid expense and other current assets 1,709 (771)
Accounts payable and accrued liabilities 450 (635)
Operating lease liability (158) (107)
Net cash used in operating activities (12,775) (9,422)
Cash flows from investing activities    
Purchases of property, plant, and equipment (26) (12)
Net cash used in investing activities (26) (12)
Cash flows from financing activities    
Payments on financed insurance policies (212) (240)
Issuance costs related to issuance of Series B-1 preferred stock (3,813)
Proceeds from issuance of Series B-1 preferred stock 50,000
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
Dividends on preferred stock (1,095)
Net cash provided by financing activities 44,880 27,797
Net increase in cash and cash equivalents 32,079 18,363
Cash and cash equivalents at the beginning of the period 9,701 455
Cash and cash equivalents at the end of the period 41,780 18,818
Supplemental cash flow information    
Accrued dividends on preferred stock 1 795
Fair value of warrants issued in connection with the issuance of preferred stock 2,831
Deferred insurance charges included in prepaid expenses and other current assets 15
Deferred preclinical and other charges included in prepaid expenses and other current assets 99 151
Cash paid for interest 36 44
Cash paid for income taxes