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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net gain (loss) $ 1,029 $ (6,838)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and issuance costs 29 25
Depreciation expense 123 127
Stock-based compensation expense 417 296
Non-cash lease expense 141 133
Loss from equity method investment 176 0
Change in fair value of convertible notes (15,890) 43
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,332 426
Other noncurrent assets (600) 23
Accounts payable 928 (823)
Operating lease liability (131) (115)
Accrued expenses and other current liabilities (2,218) (2,847)
Other noncurrent liabilities 113 0
Deferred revenue 0 (2,946)
Net cash used in operating activities (14,551) (12,496)
Cash flows from investing activities:    
Purchases of property and equipment 0 (5)
Maturities of short-term investments 97 0
Net cash used in investing activities 97 (5)
Cash flows from financing activities:    
Proceeds from borrowings under loan and security agreement, net 7,000 0
Proceeds from issuance of common stock in pre-closing financing, net 42,000 0
Cash acquired in connection with reverse recapitalization 53,158 0
Payment of reverse recapitalization transaction costs (2,812) 0
Proceeds from exercise of common stock options 0 15
Net cash provided by financing activities 99,346 15
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 84,892 (12,486)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 31,264 49,540
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 116,156 37,054
Supplemental disclosure of non-cash operating, investing and financing activities:    
Interest payments on venture debt 115 119
Short Term Investments Acquired In reverse recapitalization 19,905 0
Issuance of CVR at fair value 180 0
Transaction Costs of Reverse Recapitalization in Accounts Payable and Accrued expenses $ 7,201 $ 0