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
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating activities        
Net income (loss) $ 23,037 $ (5,228) $ 210 $ (23,376)
Adjustments to reconcile net loss used in operating activities:        
Depreciation and amortization     101 115
Stock-based compensation     2,948 2,701
Acquired in-process research and development 0 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 (36,025) 0 (148,071) 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 1,100 (100) 6,260 120
Accretion of debt discount     0 1,828
Deferred taxes     0 23
Changes in assets and liabilities:        
Other receivables     (862) 381
Inventory, net     0 20
Prepaid expenses and other assets     (2,408) 350
Lease incentive     0 158
Accounts payable     1,365 (2,094)
Accrued expenses and other liabilities     (2,110) (8,088)
Lease liability, net     (81) (52)
Net cash used in operating activities     (34,012) (27,914)
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 (21,244)
Proceeds from issuance of common stock pursuant to ATM Program, net     0 32,470
Proceeds from issuance of common stock under employee stock purchase plan     0 67
Net cash provided by financing activities     108,140 25,041
Increase in cash, cash equivalents and restricted cash     74,484 (3,006)
Cash, cash equivalents, and restricted cash at beginning of period     7,546 13,318
Cash, cash equivalents, and restricted cash at end of period 82,030 10,312 82,030 10,312
Supplemental disclosures of cash flow information        
Cash paid for interest     0 1,925
Supplemental disclosures of non-cash activities        
Issuance of common stock and Series C Preferred Stock pursuant to Almata Transaction     12,272 0
Fair value of common stock retired in exchange for issuance of pre-funded warrants     0 3,640
Cash and cash equivalents 81,858 10,180 81,858 10,180
Restricted cash, current 41 1 41 1
Restricted cash, non-current 131 131 131 131
Total cash, cash equivalents and restricted cash $ 82,030 $ 10,312 $ 82,030 $ 10,312