Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (31,578) $ (9,107)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 491 661
Stock-based compensation expense 1,546 770
Change in fair value of warrant and derivative liabilities 17,301 (2,265)
Accretion and interest on short-term investments (59) (117)
Amortization of right-of-use lease assets 233 227
Non-cash interest 345 100
Change in operating assets and liabilities:    
Other receivables 252 (75)
Prepaid expenses and other current assets (1,232) (1,199)
Other assets 163 (56)
Accounts payable and accrued expenses (1,690) (376)
Lease liabilities (310) (308)
Other current liabilities 1
Net cash used in operating activities (14,538) (11,744)
Cash flows from investing activities:    
Capital expenditures (725) (218)
Purchases of short-term investments (29,343) (7,964)
Proceeds from maturities of short-term investments 22,251 10,393
Net cash (used in) provided by investing activities (7,817) 2,211
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 6,417
Payment from net settlement of restricted share awards (14) (4)
Proceeds from issuance of long-term debt 20,000
Payment of debt issuance costs (963)
Net cash provided by (used in) financing activities 25,440 (4)
Net increase (decrease) in cash, cash equivalents and restricted cash 3,085 (9,537)
Cash, cash equivalents and restricted cash at beginning of period 14,811 14,555
Cash, cash equivalents and restricted cash at end of period 17,896 5,018
Supplemental cash flow information:    
Cash and cash equivalents 17,558 4,680
Restricted cash 338 338
Total cash, cash equivalents and restricted cash 17,896 5,018
Supplemental non-cash flow information:    
Derivative and warrant additions associated with loan and security agreement 1,042
Cash paid for interest 607
Cash paid for taxes $ 8 $ 6