Annual report [Section 13 and 15(d), not S-K Item 405]

Statements of Cash Flows

v3.25.1
Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (36,729) $ (30,544)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 22 9
G&A expense for issuance of common stock
Stock-based compensation expense 2,350 1,767
Amortization of operating lease right of use asset 406 275
Change in fair value of warrant liability 5,802 10,303
Changes in assets and liabilities:    
Prepaid expense and other current assets (820) (1,117)
Accounts payable and accrued liabilities 790 1,276
Operating lease liability (397) (252)
Net cash used in operating activities (28,575) (18,283)
Purchases of property, plant and equipment (72) (12)
Net cash used in investing activities (72) (12)
Cash flows from financing activities    
Payments on financed insurance policies (527) (496)
Gross Proceeds from Secondary Offerings 683
Dividends (1,095)
Deferred Cost of at the market offering (160)
Proceeds from issuance of Series A-1 preferred stock and warrants 50,000 30,190
Issuance costs related to Series A-1 preferred stock and warrants (3,813) (2,153)
Net cash (used in) provided by financing activities 45,088 27,541
Net (decrease) increase in cash 16,441 9,246
Cash at the beginning of the period 9,701 455
Cash at the end of the period 26,142 9,701
Supplemental cash flow information    
Deferred preclinical charges included in prepaid expenses and other current assets 349
Deferred insurance charges included in prepaid expenses and other current assets 267 270
Issuance of Series A-2 preferred stock and common stock upon conversion of Series A-1 preferred stock 26,274
Issuance of Series B-2 preferred stock and common stock upon conversion of Series B-1 preferred stock 46,187  
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 12 24
Cash paid for income taxes