Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (63,734,000) $ (54,188,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 2,004,000 2,288,000
Stock-based compensation expense 6,628,000 4,768,000
Change in fair value of warrant and derivative liabilities 755,000 11,695,000
Gain on operating lease right-of-use assets (1,065,000)
Accretion and interest on short-term investments 276,000 (93,000)
Amortization of right-of-use lease assets 903,000 910,000
Non-cash interest 1,538,000 417,000
(Gain) loss on disposal of property and equipment (2,000) 47,000
Change in operating assets and liabilities:    
Other receivables 792,000 (2,041,000)
Prepaid expenses and other current assets (564,000) (155,000)
Other assets 181,000 (234,000)
Accounts payable and accrued expenses 1,507,000 2,041,000
Lease liabilities (1,315,000) (1,196,000)
Change in payable to licensor (5,000,000)
Other current liabilities 16,000 (203,000)
Net cash used in operating activities (56,015,000) (37,009,000)
Cash flows from investing activities:    
Capital expenditures (2,446,000) (331,000)
Proceeds from disposal of property and equipment 18,000 204,000
Purchases of short-term investments (157,010,000) (51,636,000)
Proceeds from maturities of short-term investments 120,198,000 51,971,000
Net cash (used in) provided by investing activities (39,240,000) 208,000
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 15,475,000 14,408,000
Proceeds from sales of common stock under direct placement offering, net of issuance costs 22,981,000
Payments related to net settlement of restricted share awards (526,000) (182,000)
Proceeds from sales of common stock, net of issuance costs 70,153,000
Proceeds from issuance of long-term debt 20,000,000
Payment of debt issuance costs (963,000) (150,000)
Net cash provided by financing activities 104,139,000 37,057,000
Net increase in cash, cash equivalents and restricted cash 8,884,000 256,000
Cash, cash equivalents and restricted cash at beginning of period 14,811,000 14,555,000
Cash, cash equivalents and restricted cash at end of period 23,695,000 14,811,000
Supplemental cash flow information:    
Cash and cash equivalents 23,357,000 14,473,000
Restricted cash 338,000 338,000
Total cash, cash equivalents and restricted cash 23,695,000 14,811,000
Supplemental non-cash flow information:    
Right-of-use asset obtained in exchange for new operating lease liabilities 419,000
Derivative and warrant additions associated with loan and security agreement 1,042,000
Reclassification of derivative liability to equity 1,135,000
Changes in accrued property and equipment 471,000
Cash paid for interest 2,670,000
Cash paid for taxes $ 7,000 $ 14,000