Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (54,441) $ (37,597)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,465 1,797
Stock-based compensation expense 4,673 3,254
Change in fair value of warrant and derivative liabilities 7,530 7,465
Gain of right-of-use lease assets (1,065)
Accretion and interest on short-term investments 54 134
Amortization of right-of-use lease assets 666 680
Non-cash interest 1,146 309
(Gain) loss on disposal of property and equipment (2) 52
Change in operating assets and liabilities:    
Other receivables 831 (2,021)
Prepaid expenses and other current assets (426) (539)
Other assets 189 (96)
Accounts payable and accrued expenses (200) 762
Lease liabilities (941) (904)
Other current liabilities (5)
Net cash used in operating activities (39,456) (27,774)
Cash flows from investing activities:    
Capital expenditures (1,840) (294)
Proceeds from disposal of property and equipment 18 187
Purchases of short-term investments (146,527) (48,219)
Proceeds from maturities of short-term investments 90,233 37,005
Net cash used in investing activities (58,116) (11,321)
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 9,962 6,623
Proceeds from sales of common stock under direct placement offering, net of issuance costs 22,980
Payments related to net settlement of restricted share awards (327) (13)
Proceeds from underwritten sales of common stock, net of issuance costs 70,153
Proceeds from issuance of long-term debt 20,000
Payment of debt issuance costs (963)
Net cash provided by financing activities 98,825 29,590
Net increase (decrease) in cash, cash equivalents and restricted cash 1,253 (9,505)
Cash, cash equivalents and restricted cash at beginning of period 14,811 14,555
Cash, cash equivalents and restricted cash at end of period 16,064 5,050
Supplemental cash flow information:    
Cash and cash equivalents 15,726 4,712
Restricted cash 338 338
Total cash, cash equivalents and restricted cash 16,064 5,050
Supplemental non-cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liabilities 419
Derivative and warrant additions associated with loan and security agreement 1,042
Reclassification of derivative liability to equity 1,135
Changes in accrued property and equipment 166
Cash paid for interest 1,980
Cash paid for taxes $ 7 $ 7