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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net loss $ (21,470,000) $ (16,171,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 589,000 603,000
Stock-based compensation 2,214,000 2,240,000
Amortization of right-of-use asset 63,000 0
Noncash lease expense 0 185,000
Noncash interest expense (including related party amounts of $1,036 and $91 for the six months ended June 30, 2024 and 2023, respectively) 1,494,000 91,000
Loss on issuance of financial instruments (including related party amounts of $639 and zero for the six months ended June 30, 2024 and 2023, respectively) 13,886,000 0
Loss on amendments to financial instruments, net 4,939,000 0
Change in fair value of financial instruments (14,155,000) 2,784,000
Loss on sale of property and equipment, net 9,000 0
Changes in operating assets and liabilities:    
Accounts receivable 0 29,000
Prepaid expenses and other current assets 732,000 (296,000)
Accounts payable and accrued expenses 1,560,000 298,000
Other current liabilities 149,000 0
Operating lease liabilities (43,000) (190,000)
Other, net 0 (17,000)
Net cash used in operating activities (10,033,000) (10,444,000)
Investing activities    
Sales of property and equipment 35,000 0
Purchases of capitalized software (15,000) (30,000)
Net cash provided by (used in) investing activities 20,000 (30,000)
Financing activities    
Proceeds from exercise of common stock options 0 12,000
Proceeds from amendment to the FPA agreements 950,000 0
Proceeds received from sale of FPA Shares 873,000 0
Proceeds from issuance of bridge notes 200,000 0
Proceeds from amendment to the PIPE warrants 250,000 0
Proceeds from related party loans 0 5,000,000
Proceeds from draws on revolving line of credit 0 3,831,000
Payment in connection with letter agreements (116,000) 0
Payment of transaction costs (40,000) (1,742,000)
Payment of debt issuance and modification costs on revolving line of credit 0 (97,000)
Payment of bridge notes (215,000) 0
Proceeds from repayments of receivables from shareholder 500,000 0
Net cash provided by financing activities 10,066,000 11,829,000
Net increase in cash, cash equivalents, and restricted cash 53,000 1,355,000
Cash, cash equivalents, and restricted cash at the beginning of period 276,000 117,000
Cash, cash equivalents, and restricted cash at the end of period 329,000 1,472,000
Cash and cash equivalents 79,000 1,222,000
Restricted cash 250,000 250,000
Total cash, cash equivalents, and restricted cash 329,000 1,472,000
Supplemental cash flow information    
Cash paid for interest expense 222,000 0
Supplemental disclosure of noncash investing and financing activities    
Deferred transaction costs included in accounts payable and accrued expenses 0 2,072,000
Conversion of liability classified warrants to equity pursuant to sequencing policy 297,000 0
Right-of-use assets obtained in exchange for new operating lease liability 513,000 0
Exercise of tranche right derivative 572,000 0
Initial issuance of subscription receivable 317,000 0
Capitalized software costs included in accounts payable and accrued expenses 16,000 0
Conversion of liability classified stock to equity 12,000 0
Convertible Bridge Loans    
Financing activities    
Proceeds from convertible debt 700,000 0
Repayments of convertible debt (844,000) 0
Convertible Promissory Notes    
Financing activities    
Proceeds from convertible debt 8,866,000 4,825,000
Payment of financing fees related to convertible promissory notes (319,000) 0
Repayments of convertible debt $ (739,000) $ 0