XML 18 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Net loss $ (10,540) $ (27,689)
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 140 122
Gain on forgiveness of PPP loan 0 (279)
Accretion of debt discount and non-cash interest expense 0 2,334
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 3,247
Change in fair value of warrant liabilities (2,403) (17,939)
Change in fair value of share liability 0 (91)
Stock-based compensation 946 1,208
Other (213) 191
Changes in operating assets and liabilities    
Other receivables 0 84
Prepaid and other assets and other noncurrent assets 744 (1,264)
Accounts payable and accrued liabilities 706 (2,145)
Accrued compensation (418) (1,544)
Operating lease liabilities (127) (122)
Net cash used in operating activities (10,054) (11,718)
Cash flows from investing activities:    
Cash acquired in connection with the Merger 0 3,279
Acquisition related costs paid 0 (3,333)
Net cash used in investing activities 0 (54)
Cash flows from financing activities    
Payments on debt (524) (949)
Proceeds from issuance of debt 0 1,250
Proceeds from issuance of LBS Series 1 Preferred Stock 0 19,900
Proceeds from issuance of common stock and warrants 14,401 5,209
Redemption of warrants 0 (99)
Payment of equity issuance costs (333) 0
Payment of debt issuance costs 0 (148)
Net cash provided by financing activities 13,544 25,163
Net (decrease) increase in cash, cash equivalents and restricted cash 3,490 13,391
Cash, cash equivalents and restricted cash, beginning of period 10,521 739
Cash, cash equivalents and restricted cash, end of period 14,011 14,130
Reconciliation of cash, cash equivalents and restricted cash to the balance sheets    
Cash and cash equivalents 13,985 14,104
Restricted cash 26 26
Total cash, cash equivalents and restricted cash 14,011 14,130
Supplemental disclosure of cash flows    
Interest Paid 10 61
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 683 67
Issuance of common stock for the cashless exercise of warrants 1,274 0
Fair value of warrants issued to placement agent 55 0
Fair value of warrants issued to underwriter agent 459 0
Issuance of common stock upon conversion of Series B Convertible Preferred Stock 58 0
Insurance financing arrangements included in prepaid and other assets 784 772
Purchase of property and equipment included in accounts payable and accrued liabilities 10 0
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