Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (54,188,000) $ (39,696,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 2,288,000 3,093,000
Stock-based compensation expense 4,768,000 3,051,000
Change in fair value of warrant liabilities 11,695,000 (11,383,000)
Non-cash impairment of licensed technology 1,355,000
Non-cash loss/(gain) on operating lease right-of-use assets (1,065,000) 2,511,000
Non-cash impairment of construction-in-progress 1,792,000
Accretion and interest on short-term investments (93,000) (380,000)
Amortization of right-of-use lease assets 910,000 1,484,000
Non-cash interest 417,000 736,000
Loss on disposal of property and equipment 47,000 138,000
Gain on lease termination (292,000)
Change in operating assets and liabilities:    
Accounts receivable 3,000,000
Other receivables (2,041,000) (188,000)
Prepaid expenses and other current assets (155,000) 1,953,000
Other assets (234,000) 125,000
Accounts payable and accrued expenses 2,041,000 (4,108,000)
Lease liabilities (1,196,000) (1,382,000)
Change in payable to licensor (5,000,000)
Other current liabilities (203,000) (292,000)
Net cash used in operating activities (37,009,000) (43,483,000)
Cash flows from investing activities:    
Capital expenditures (331,000) (130,000)
Proceeds from disposal of property and equipment 204,000 1,734,000
Purchases of short-term investments (51,636,000) (78,212,000)
Proceeds from maturities of short-term investments 51,971,000 52,644,000
Net cash provided by (used in) investing activities 208,000 (23,964,000)
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 14,408,000 12,839,000
Proceeds from sales of common stock under direct placement offering, net of issuance costs 22,981,000
Proceeds from sales of common stock and warrants in private offering, net of issuance costs 34,121,000
Proceeds from net settlement of restricted share awards (182,000) (5,000)
Payment of debt issuance cost (150,000)
Proceeds from issuance of Series A and Series B Convertible Redeemable Preferred Stock, net of issuance costs 22,468,000
Redemption of Series A and Series B Convertible Redeemable Preferred Stock (26,250,000)
Net cash provided by financing activities 37,057,000 43,173,000
Net increase (decrease) in cash, cash equivalents and restricted cash 256,000 (24,274,000)
Cash, cash equivalents and restricted cash at beginning of year 14,555,000 38,829,000
Cash, cash equivalents and restricted cash at end of year 14,811,000 14,555,000
Supplemental cash flow information:    
Cash and cash equivalents 14,473,000 14,217,000
Restricted cash 338,000 338,000
Total cash, cash equivalents and restricted cash 14,811,000 14,555,000
Supplemental non-cash flow information:    
Additions (deletions) to right-of-use lease assets in exchange for new or modifications to operating lease liabilities 419,000 (77,000)
Deletions to operating lease liabilities obtained from new operating lease liabilities resulting from modification of original lease arrangement $ (369,000)