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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:        
Net income     $ 2,453 $ 46,094
Adjustments to reconcile net income to net cash used in operating activities:        
Depreciation     39 49
Stock-based compensation expense     3,311 3,314
Loss on issuance of warrants     75,644  
Change in fair value of convertible notes $ 1,854 $ (1,795) 3,485 (1,708)
Change in fair value of warrants 542 (5,905) (86,187) 14,999
Change in fair value of embedded forward purchase agreements and derivative liabilities   (2,905)   20,012
Change in fair value of contingent consideration 16 (161,233) (3,472) (97,464)
Changes in operating assets and liabilities:        
Prepaid expenses and other current assets     (245) 487
Accounts payable     (2,003) (358)
Accrued expenses and other liabilities     (3,018) (2,263)
Other assets and liabilities     (7) 122
Net cash used in operating activities     (10,000) (16,716)
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       15,000
Proceeds from issuance of at-the-market shares, net     84  
Proceeds from issuance of public offering shares, net     18,346  
Net cash provided by financing activities     18,430 15,000
Net increase (decrease) in cash     8,426 (1,716)
Cash and cash equivalents at beginning of period     13 5,158
Cash and cash equivalents at end of period $ 8,439 $ 3,442 8,439 $ 3,442
Non-cash financing activities:        
Cashless warrant exercises     $ 6,864