XML 34 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net loss $ (58,365) $ (21,822) $ (20,243)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 229 102 61
Non-cash interest expense 78 721 1,734
Non-cash lease expense 360 189 250
In-process research and development 0 7,000 0
Change in fair value of derivative liability 0 0 3,187
Stock-based compensation expense 6,958 660 884
Loss on debt conversion 0 0 341
Income tax benefit (52) 0 0
Gain on forgiveness of PPP Note (426) 0 0
Impairment on note receivable 761 0 0
Other non-cash 26 (349) 5
Changes in assets and liabilities:      
Prepaid expenses and other current assets (742) (370) (1,007)
Accounts payable and accrued expenses 3,498 (541) (1,629)
Other assets 100 (104) (227)
Lease obligations (366) (195) (249)
Net cash used in operating activities (47,941) (14,709) (16,893)
Cash flows from investing activities      
Purchase of property and equipment (939) (307) (30)
Payments for asset acquisitions (127) 0 (2,327)
Issuance of note receivable (750) 0 0
Net cash used in investing activities (1,816) (307) (2,357)
Cash flows from financing activities      
Proceeds from issuance of common stock 129,211 37,822 1,183
Payment of equity issuance costs (8,525) (1,477) 0
Purchases of treasury stock 0 0 (48)
Proceeds from Pre-Merger Financing 0 0 22,546
Proceeds from issuance of debt 0 921 6,800
Payments of debt issuance costs 0 (6) (99)
Repayments of debt 0 (5,625) (5,290)
Financing lease principal payments (10) (24) (26)
Net cash provided by financing activities 120,676 31,611 25,066
Net increase in cash, cash equivalents, and restricted cash 70,919 16,595 5,816
Cash, cash equivalents, and restricted cash at beginning of period 24,190 7,595 1,779
Cash, cash equivalents, and restricted cash at end of period 95,109 24,190 7,595
Supplemental disclosure of non-cash investing and financing transactions:      
Exercise of warrants 603 0 0
Series B Convertible Preferred Stock issuance 4,988 0 0
Forgiveness of PPP Note 426 0 0
Purchase of property and equipment 16 214 0
Right-of-use assets related to operating leases 1,226 180 470
Issuance of Warrant Exchange Promissory Notes 0 5,625 0
Obligation settled with common stock 0 331 0
Conversion of convertible notes 0 0 13,980
Reverse asset acquisition costs 0 4 1,150
Reverse asset acquisition costs $ 0 $ 0 $ 2,253