Quarterly report [Sections 13 or 15(d)]

Statements of Cash Flows (Unaudited)

v3.25.3
Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (11,887) $ (15,204)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 24 15
Stock-based compensation expense 1,864 1,768
Change in fair value of warrant liability (9,789) (6,756)
Amortization of operating lease right of use asset 397 279
Changes in assets and liabilities:    
Prepaid expense and other current assets (2,786) (1,677)
Accounts payable and accrued liabilities (691) (181)
Operating lease liability (417) (271)
Net cash used in operating activities (23,285) (22,027)
Cash flows from investing activities    
Purchases of property and equipment (24) (50)
Net cash used in investing activities (24) (50)
Cash flows from financing activities    
Proceeds from secondary public offering 39,771
Commissions paid on secondary public offering (1,193)
Payments on financed insurance policies (212) (369)
Issuance costs related to issuance of Series B-1 preferred stock (3,813)
Proceeds from issuance of Series B-1 preferred stock 50,000
Proceeds from exercise of warrants 1,496
Dividends on preferred stock (1,095)
Net cash provided by financing activities 39,862 44,723
Net increase in cash and cash equivalents 16,553 22,646
Cash and cash equivalents at the beginning of the period 26,142 9,701
Cash and cash equivalents at the end of the period 42,695 32,347
Supplemental cash flow information    
Issuance of Series B-2 preferred stock and common stock upon conversion of Series B-1 preferred stock 46,187
Deferred insurance charges included in prepaid expenses and other current assets 489 397
Deferred preclinical and other charges included in prepaid expenses and other current assets 19
Cash paid for interest $ 9 $ 51