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
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (14,575) $ (3,537)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 2 2
Stock-based compensation expense 144 290
Change in fair value of warrant liability 10,375
Amortization of operating lease right of use asset 43 37
Changes in assets and liabilities:    
Prepaid expense and other current assets 338 263
Accounts payable and accrued liabilities (193) 24
Operating lease liability (54) (36)
Net cash used in operating activities (3,920) (2,957)
Cash flows from investing activities    
Purchases of property, plant, and equipment (2)
Net cash used in investing activities (2)
Cash flows from financing activities    
Payments on financed insurance policies (240)
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
Net cash provided by financing activities 27,797
Net increase (decrease) in cash and cash equivalents 23,877 (2,959)
Cash and cash equivalents at the beginning of the period 455 16,579
Cash and cash equivalents at the end of the period 24,332 13,620
Supplemental cash flow information    
Accrued dividends on preferred stock 192
Fair value of warrants issued in connection with the issuance of preferred stock 2,831
Deferred preclinical and other charges included in prepaid expenses and other current assets 121 275
Cash paid for income taxes