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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Net loss $ (6,549) $ (35,776)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 1 2
In-process research and development 0 30,117
Noncash transaction costs shared with Seneca 0 (135)
Noncash lease expense 94 80
Gain on forgiveness of PPP loan 0 (279)
Accretion of debt discount and non-cash interest expense 0 2,203
Loss on issuance of LBS Series 1 Preferred Stock 0 1,881
Loss on issuance of secured debt 0 686
Loss on issuance of warrants 1,110 1,574
Change in fair value of warrant liabilities (2,018) (5,175)
Change in fair value of share liability 0 (73)
Stock-based compensation 694 1,064
RSU vesting expense 0 41
Other (213) (183)
Changes in operating assets and liabilities    
Other receivables 0 25
Prepaid and other assets 228 (1,294)
Accounts payable and accrued liabilities 170 (2,133)
Accrued compensation (435) (1,518)
Operating lease liabilities (96) (79)
Net cash used in operating activities (7,014) (8,972)
Cash flows from investing activities:    
Cash acquired in connection with the Merger 0 3,279
Acquisition related costs paid 0 (2,985)
Net cash provided by investing activities 0 294
Cash flows from financing activities    
Payments on debt (260) (285)
Proceeds from issuance of debt 0 1,250
Proceeds from issuance of LBS Series 1 Preferred Stock 0 19,900
Gross Proceeds 1,775
Redemption of warrants 0 (99)
Payment of equity issuance costs (16) 0
Payment of debt issuance costs 0 (148)
Net cash provided by financing activities 1,499 20,618
Net (decrease) increase in cash, cash equivalents and restricted cash (5,515) 11,940
Cash, cash equivalents and restricted cash, beginning of period 10,521 739
Cash, cash equivalents and restricted cash, end of period 5,006 12,679
Reconciliation of cash, cash equivalents and restricted cash to the balance sheets    
Cash and cash equivalents 4,980 12,653
Restricted cash 26 26
Total cash, cash equivalents and restricted cash 5,006 12,679
Supplemental disclosure of cash flows    
Interest Paid 5 50
Right-of-use assets obtained in exchange for lease liabilities 355 0
Supplemental disclosures of non-cash investing and financing activities    
Equity issuance costs included in accounts payable and accrued liabilities 332 0
Issuance of common stock for the cashless exercise of warrants 1,274 0
Fair value of warrants issued to placement agent 55 0
Insurance financing arrangements included in prepaid and other assets 784 839
Acquisition related costs included in accounts payable and accrued liabilities 0 367
Transaction costs shared with Seneca 0 135
Acquisition costs related to stock issuance 0 1,184
Issuance of common stock to former Seneca stockholders 0 28,728
Conversion of LBS Series C Preferred stock into common stock 0 9,503
Net assets acquired in the Merger 0 2
Acquisition related vesting of RSU’s assumed in the Merger 0 41
Acquisition related fair value change in warrant liability assumed in the Merger $ 0 $ 51