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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 9,095 $ (118,018)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 19 25
Stock-based compensation expense 1,729 1,621
Loss on issuance of warrants 75,644  
Change in fair value of convertible notes 1,631 87
Change in fair value of warrants (86,729) 20,903
Change in fair value of embedded forward purchase agreements and derivative liabilities   22,917
Change in fair value of contingent consideration (3,488) 63,769
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (298) 124
Accounts payable (3,473) 3,136
Accrued expenses and other liabilities (2,036) (3,228)
Other assets and liabilities (3) 64
Net cash used in operating activities (7,909) (8,600)
Cash flows from investing activities:    
Purchases of property and equipment (4)  
Net cash used in investing activities (4)  
Cash flows from financing activities:    
Proceeds from issuance of convertible notes   5,000
Proceeds from issuance of public offering shares, net 18,346  
Net cash provided by financing activities 18,346 5,000
Net increase (decrease) in cash 10,433 (3,600)
Cash and cash equivalents at beginning of period 13 5,158
Cash and cash equivalents at end of period 10,446 $ 1,558
Non-cash financing activities:    
Cashless warrant exercises $ 6,418