XML 19 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (39,102,693) $ (16,852,985)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 777,935 1,394,989
Depreciation 38,773 52,781
Non-cash changes in fair value of debt, loss (gain) 6,740,719 (4,091,610)
Loss on extinguishment of debt 8,541,494  
Non cash component of payment to collaboration partner (3,047,198)  
Debt issuance costs recognized as expense 169,225 1,490,594
Amortization of debt issuance costs 408,000  
Loss on disposal of property and equipment, net 137,895 4,669
Changes in operating assets and liabilities    
Collaboration receivable   5,000,000
Inventory (5,202,597)  
Prepaid expenses 430,374 173,519
Other current and non-current assets 11,678 9,292,384
Accounts payable 3,195,786 3,281,779
Accrued expenses 1,861,398 1,430,542
Deferred collaboration funding (3,865,773) (13,888,846)
Other current liabilities   (9,241,474)
Net cash used in operating activities (28,904,984) (21,953,658)
Cash flows from investing activities:    
Purchase of property and equipment (3,066) (35,840)
Net cash used in investing activities (3,066) (35,840)
Cash flows from financing activities:    
Proceeds from issuance of common stock and warrants, net of issuance costs 6,517,983 4,524,853
Proceeds from Original Term Loan, net of warrant allocation and lender fees   6,013,148
Proceeds from Marathon Convertible Notes, net of lender fees   5,516,556
Proceeds from SWK Second Term Loan, net of warrant allocation and lender fees 6,527,500  
Cash proceeds from Zevra Bridge Loan 13,424,148  
Proceeds from exercise of Pre-Funded Warrants 585  
Proceeds from issuance of Schelling Promissory Note 1,000,000  
Payment of debt principal (600,000)  
Payment of issuance costs for debt and convertible debt (169,225) (724,929)
Net cash provided by financing activities 27,173,491 15,656,659
Net decrease in cash and cash equivalents (1,734,559) (6,332,839)
Cash and cash equivalents, beginning of period 2,329,218 12,710,762
Cash and cash equivalents, end of period 594,659 6,377,923
Supplemental cash flow information:    
Cash paid for interest 999,095 136,500
First SWK Warrant    
Cash flows from financing activities:    
Proceeds allocated to Warrant based on valuation   $ 327,031
Third SWK Warrant    
Cash flows from financing activities:    
Proceeds allocated to Warrant based on valuation $ 472,500