XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income (Loss) $ (10,014) $ 3,069
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:    
Depreciation and amortization expense 28 5
Accretion of discount and amortization of premium on investments, net (119) 49
Stock-based compensation 1,167 1,138
(Gain) Loss on change in fair value of warrant liability 0 (445)
Gain on change in fair value of earn-out liability 0 (10,757)
Other expense related to equity purchase agreement 15 1,131
Non-cash interest expense 76 93
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (180) 637
Other non-current assets 48 48
Accounts payable 2,225 (223)
Accrued expenses (886) (1,241)
Operating lease right-of-use assets and liabilities, net 3 (1)
Net cash used in operating activities (7,637) (6,497)
Investing activities:    
Purchases of fixed assets (13) (57)
Maturities of short-term investments 12,000 0
Purchases of short-term investments (2,960) (28,217)
Net cash (used in) provided by investing activities 9,027 (28,274)
Financing activities:    
Payment of debt issuance costs 0 (37)
Proceeds from exercise of common stock options 0 3
Proceeds from issuance of common stock, net of issuance costs 212 2,767
Net cash provided by financing activities 212 2,733
Net (decrease) increase in cash and cash equivalents 1,602 (32,038)
Cash and cash equivalents at beginning of period 8,708 49,702
Cash and cash equivalents at end of period 10,310 17,664
Supplemental disclosure of cash flow information    
Interest paid 589 422
Issuance of commitment shares 0 862
Accrued issuance costs 170 107
Purchases of Fixed Assets Included In Accounts Payable And Accrued Expenses $ 0 $ 7