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
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (12,730) $ (7,265)
Adjustments to reconcile net loss to net cash used in operating activities:    
R&D Expense for issuance of common stock for anti-dilution clause 2,191
Depreciation expense 5
Stock-based compensation expense 850 735
Convertible debt discount amortization 488
Convertible debt non-cash interest 139
Amortization of operating lease right of use asset 114
Gain on extinguishment of debt (19)
Deferred compensation to CEO 249
Loss on debt conversion 431
Changes in assets and liabilities:    
Prepaid expense and other current assets 397 (1,709)
Prepaid related party service fee (58)
Accounts payable and accrued liabilities 1,908 463
Operating lease liability (111)
Related party service fee payable (9)
Net cash used in operating activities (9,567) (4,364)
Cash flows from investing activities    
Purchases of property, plant, and equipment (2)
Net cash used in investing activities (2)
Cash flows from financing activities    
Net proceeds from initial public offering 22,271
Proceeds from loan from stockholder 248
Proceeds from convertible notes 1,098
Repayment of loan from stockholder (1,361)
Proceeds from exercise of options 119
Net cash provided by financing activities 22,375
Net increase (decrease) in cash (9,569) 18,011
Cash at the beginning of the period 16,579
Cash at the end of the period 7,010 18,011
Supplemental cash flow information    
Deferred preclinical charges included in prepaid expenses and other current assets 1,517
Cash paid for income taxes