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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net loss $ (43,784,000) $ (18,032,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 151,000 58,000
Non-cash interest expense 59,000 555,000
Non-cash lease expense 200,000 143,000
In-process research and development 0 7,000,000
Stock-based compensation expense 4,275,000 497,000
Income tax benefit (52,000) 0
Gain on forgiveness of PPP Note (426,000) 0
Impairment on note receivable 761,000 0
Other non-cash 0 (166,000)
Changes in assets and liabilities:    
Prepaid expenses and other assets 845,000 796,000
Accounts payable and accrued expenses 2,925,000 (1,133,000)
Other assets 100,000 0
Lease obligations (191,000) (144,000)
Net cash used in operating activities (35,137,000) (10,426,000)
Cash flows from investing activities    
Purchase of property and equipment (747,000) (56,000)
Asset acquisition (127,000) 0
Issuance of note receivable (750,000) 0
Net cash used in investing activities (1,624,000) (56,000)
Cash flows from financing activities    
Proceeds from issuance of common stock 128,606,000 26,693,000
Payment of equity issuance costs (8,525,000) (1,084,000)
Proceeds from issuance of debt 0 921,000
Payments of debt issuance costs 0 (6,000)
Repayments of debt 0 (4,362,000)
Financing lease principal payments (10,000) (18,000)
Net cash provided by financing activities 120,071,000 22,144,000
Net increase in cash, cash equivalents, and restricted cash 83,310,000 11,662,000
Cash, cash equivalents, and restricted cash at beginning of period 24,190,000 7,595,000
Cash, cash equivalents, and restricted cash at end of period 107,500,000 19,257,000
Supplemental disclosure of non-cash investing and financing transactions:    
Exercise of warrants 603,000 0
Series B Convertible Preferred Stock issuance 4,988,000 0
Forgiveness of PPP Note 426,000 0
Purchase of property and equipment 9,000 0
Right-of-use asset related to operating leases 926,000 0
Issuance of Warrant Exchange Promissory Notes 0 5,625,000
Obligation settled with common stock 0 331,000
Equity issuance costs $ 0 $ 25,000