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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (39,423) $ (37,490)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 348 166
Amortization (accretion) on marketable securities (182) 0
Non-cash interest expense 54 38
Non-cash lease expense 265 334
Stock-based compensation expense 5,321 5,378
Impairment of advance for COVAXIN supply 4,074 0
Loss on disposal of fixed assets related to COVAXIN 363 0
Other 439 0
Changes in assets and liabilities:    
Prepaid expenses and other current assets 572 132
Accounts payable and accrued expenses (8,625) 2,844
Lease obligations (252) (265)
Net cash used in operating activities (37,046) (28,863)
Cash flows from investing activities    
Purchases of marketable securities (3,947) 0
Proceeds from the maturities of marketable securities 17,500 0
Purchases of property and equipment (4,389) (1,589)
Net cash provided by (used in) investing activities 9,164 (1,589)
Cash flows from financing activities    
Proceeds from issuance of common stock, net 20,690 50,538
Payment of equity issuance costs (222) (200)
Proceeds from issuance of debt 500 0
Payment of debt issuance costs (68) 0
Net cash provided by financing activities 20,900 50,338
Effect of changes in exchange rate on cash and cash equivalents (3) 10
Net (decrease) increase in cash and cash equivalents (6,985) 19,896
Cash, cash equivalents, and restricted cash at beginning of period 77,563 95,109
Cash and cash equivalents at end of period 70,578 115,005
Supplemental disclosure of non-cash investing and financing transactions:    
Equity issuance costs 133 69
Purchases of property and equipment 2,637 491
Right-of-use asset related to operating leases $ 0 $ 2,918