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)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Operating activities        
Net loss $ 98,463 $ (8,193) $ (22,827) $ (18,148)
Adjustments to reconcile net loss used in operating activities:        
Depreciation and amortization     67 74
Stock-based compensation     1,100 1,748
Acquired in-process research and development 103 0 27,641 0
Excess of initial warrant fair value over private placement proceeds 0 0 79,276 0
Change in fair value of warrant liability (112,046) 0 (112,046) 0
Transaction costs paid pursuant to private placement     7,485 0
Contingent consideration paid pursuant to Almata Transaction     (7,500) 0
Transaction costs payable upon exercise of warrants issued in private placement     1,734 0
Change in fair value of derivative liability 5,040 40 5,160 220
Accretion of debt discount     0 699
Deferred taxes     14 15
Changes in assets and liabilities:        
Accounts receivable, net     0 (38)
Other receivables     103 1,913
Inventory, net     0 2
Prepaid expenses and other assets     (1,592) 155
Lease incentive     107 158
Accounts payable     208 (2,131)
Deferred revenue     0 (88)
Accrued expenses and other liabilities     (1,254) (5,627)
Lease liability, net     (161) (30)
Net cash used in operating activities     (22,485) (21,078)
Investing activities        
Cash assumed from Almata Transaction     356 0
Leasehold improvements     0 (158)
Disposal of property and equipment     0 25
Net cash provided by (used in) investing activities     356 (133)
Financing activities        
Proceeds from private placement investment, gross     115,625 0
Transaction costs paid pursuant to private placement     (7,485) 0
Proceeds from issuance of common stock and pre-funded warrants in underwritten public offering, net     0 13,748
Prepayment on Notes     0 6,000
Proceeds from issuance of common stock pursuant to ATM Program, net     0 6,531
Proceeds from issuance of common stock under employee stock purchase plan     0 67
Net cash provided by financing activities     108,140 14,346
Increase in cash, cash equivalents and restricted cash     86,011 (6,865)
Cash, cash equivalents, and restricted cash at beginning of period     7,546 13,318
Cash, cash equivalents, and restricted cash at end of period 93,557 6,453 93,557 6,453
Supplemental disclosures of cash flow information        
Cash paid for interest     0 1,439
Supplemental disclosures of non-cash activities        
Issuance of common stock and Series C Preferred Stock pursuant to Almata Transaction     12,727 0
Fair value of common stock retired in exchange for issuance of pre-funded warrants     0 3,640
Cash and cash equivalents 93,426 6,307 93,426 6,307
Restricted cash, current 0 15 0 15
Restricted cash, non-current 131 131 131 131
Total cash, cash equivalents and restricted cash $ 93,557 $ 6,453 $ 93,557 $ 6,453