Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.23.1
Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (18,058) $ (10,017)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 7 1
R&D expense for issuance of common stock for anti-dilution clause 2,191
G&A expense for issuance of common stock 21
Stock-based compensation expense 1,047 966
Convertible debt discount amortization 488
Amortization of operating lease right of use asset 154 12
Convertible debt non-cash interest 139
Gain on extinguishment of debt (19)
Deferred compensation to CEO 146
Loss on debt conversion 431
Prepaid expense and other current assets 62 (1,325)
Accounts payable and accrued liabilities 1,267 1,241
Operating lease liability (151) (12)
Related party service fee payable (9)
Net cash used in operating activities (15,651) (5,767)
Cash flows from investing activities    
Purchases of property, plant and equipment (2) (29)
Net cash used in investing activities (2) (29)
Cash flows from financing activities    
Net proceeds from initial public offering 22,271
Issuance of common stock for cash, net of issuance costs 11
Proceeds from loan from stockholder 248
Proceeds from convertible notes 1,098
Repayment of loan from stockholder (1,361)
Payments on financed insurance policies (482)
Proceeds from exercise of options 119
Net cash provided by (used in) financing activities (471) 22,375
Net increase (decrease) in cash (16,124) 16,579
Cash at the beginning of the period 16,579
Cash at the end of the period 455 16,579
Supplemental cash flow information    
Deferred preclinical charges included in prepaid expenses and other current assets 420 503
Deferred insurance charges included in prepaid expenses and other current assets 240
Cash paid for income taxes