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
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Operating activities    
Net loss $ (35,129,000) $ (31,544,000)
Adjustments to reconcile net loss used in operating activities:    
Depreciation and amortization 169,000 158,000
Stock-based compensation 5,852,000 3,477,000
Acquired in-process research and development 27,641,000 0
Excess of initial warrant fair value over private placement proceeds 79,276,000 0
Change in fair value of warrant liability (121,611,000) 0
Transaction costs paid pursuant to private placement 7,485,000 0
Transaction costs paid upon exercise of warrants issued in private placement 1,734,000 0
Contingent consideration paid pursuant to AlmataBio Transaction (12,500,000) 0
Change in fair value of derivative liability 2,930,000 720,000
Lease early termination fee (309,000) 0
Accretion of debt discount 0 1,828,000
Goodwill impairment 0 3,907,000
Deferred taxes 114,000 14,000
Changes in assets and liabilities:    
Other receivables (475,000) 1,783,000
Inventory, net 0 20,000
Prepaid expenses and other assets (2,871,000) 447,000
Lease incentive 0 158,000
Accounts payable (163,000) (2,436,000)
Deferred revenue 0 (88,000)
Accrued expenses and other liabilities, excluding lease liability (1,111,000) (9,048,000)
Lease liability, net (88,000) (76,000)
Net cash used in operating activities (49,056,000) (30,680,000)
Investing activities    
Cash assumed from AlmataBio Transaction 356,000 0
Leasehold improvements 0 (158,000)
Disposal of property and equipment 0 25,000
Net cash provided by (used in) investing activities 356,000 (133,000)
Financing activities    
Proceeds from private placement investment, gross 115,625,000 0
Transaction costs paid pursuant to private placement (7,485,000)
Proceeds from exercise of warrants issued in private placement, gross 69,375,000 0
Transaction costs paid upon exercise of warrants issued in private placement (1,734,000)
Proceeds from sale of common stock pursuant to ATM Program, net 0 32,470,000
Proceeds from issuance of common stock in underwritten public offering, net 0 13,749,000
Principal payments on Notes 0 (21,244,000)
Proceeds from issuance of common stock under employee stock purchase plan 68,000 67,000
Net cash provided by financing activities 175,849,000 25,042,000
Increase (decrease) in cash, cash equivalents, and restricted cash 127,149,000 (5,771,000)
Cash, cash equivalents, and restricted cash at beginning of period 7,547,000 13,318,000
Cash, cash equivalents, and restricted cash at end of period 134,696,000 7,547,000
Supplemental disclosures of cash flow information    
Cash paid for interest 0 1,925,000
Supplemental disclosures of non-cash activities    
Issuance of common stock and Series C Preferred Stock pursuant to AlmataBio Transaction 12,272,000 0
Remeasurement of lease (312,000) 0
Fair value of common stock retired in exchange for issuance of pre-funded warrants 0 3,640,000
Cash and cash equivalents 134,546,000 7,415,000
Restricted cash, current 19,000 1,000
Restricted cash, non-current 131,000 131,000
Total cash, cash equivalents and restricted cash $ 134,696,000 $ 7,547,000