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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (41,863) $ (10,376)
Adjustments to reconcile net loss to net cash used in operating activities:    
In-process research and development costs acquired in connection with the acquistion of Flame 29,582  
Depreciation expense 4 4
Amortization of right-of-use assets 100 104
Stock-based compensation expense 1,310 1,204
Foreign currency transaction (gain) loss 307 (235)
Change in fair value of warrant liability (50)  
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (239) 277
Research and development incentive receivable (278) (38)
Accounts payable and accrued expenses (2,196) (2,368)
Lease liability (100) (106)
Other assets 723 16
Net cash used in operating activities (12,700) (11,518)
Cash flows from investing activities:    
Cash acquired in connection with the acquisition of Flame 50,362  
Payment of direct and incremental costs of the asset acquisition (1,045)  
Net cash provided by investing activities 49,317  
Cash flows from financing activities:    
Payment of redemption of 2019 warrants (29)  
Payment of deferred costs   (210)
Net cash used in financing activities (29) (210)
Effect of exchange rate changes on cash and cash equivalents (50) 32
Net increase (decrease) in cash and cash equivalents 36,538 (11,696)
Cash and cash equivalents at beginning of period 65,500 114,916
Cash and cash equivalents at end of period 102,038 $ 103,220
Supplemental disclosure of non-cash financing activities:    
Issuance of Series X Preferred Stock in connection with acquisition of Flame 67,715  
Issuance of warrants to purchase convertible Series X preferred stock in connection with the acquisition of Flame 90  
Issuance of common stock in connection with the acquisition of Flame 9,805  
Issuance of warrants for the purchase of common stock in connection with the acquisition of Flame 13  
Direct and incremental costs of the asset acquisition recorded in accounts payable 348  
Issuance of common stock up on the vesting of restricted stock units 1  
Net liabilities assumed from acquisition of Flame $ 928