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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income (loss) $ (14,872,000) $ (49,348,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 886,000 903,000
Stock-based compensation 3,307,000 3,207,000
Amortization of right-of-use asset 98,000 0
Noncash lease expense 0 273,000
Noncash interest expense (including related party amounts of $1,330 and $160 for the nine months ended September 30, 2024 and 2023, respectively) 1,787,000 300,000
Loss on issuance of financial instruments (including related party amounts of $639 and zero for the nine months ended September 30, 2024 and 2023, respectively) 17,876,000 24,475,000
Loss on amendments to financial instruments, net 3,940,000 0
Change in fair value of financial instruments (including related party amounts of $494 and $12 for the nine months ended September 30, 2024 and 2023, respectively) (31,004,000) 1,043,000
Loss on sale of property and equipment, net 9,000 0
Transaction costs expensed 0 3,329,000
Changes in operating assets and liabilities:    
Accounts receivable 0 29,000
Prepaid expenses and other current assets 925,000 (1,037,000)
Accounts payable and accrued expenses 2,991,000 2,100,000
Other current liabilities 206,000 0
Operating lease liability (77,000) (283,000)
Net cash used in operating activities (13,928,000) (15,009,000)
Investing activities    
Sales of property and equipment 35,000 0
Purchases of capitalized software (32,000) (30,000)
Net cash provided by (used in) investing activities 3,000 (30,000)
Financing activities    
Proceeds from exercise of common stock options 0 12,000
Proceeds from amendment to the FPA agreements 2,112,000 0
Proceeds received from sale of FPA Shares 873,000 0
Proceeds from issuance of bridge notes 200,000 0
Proceeds from issuance of PIPE warrants 0 10,210,000
Proceeds from exercise of the PIPE warrants 250,000 0
Proceeds from related party loans 0 5,300,000
Proceeds from draws on revolving line of credit 0 4,931,000
Proceeds from issuance of common stock 99,000 1,667,000
Payment in connection with letter agreements (116,000) 0
Payment of transaction costs 0 (13,055,000)
Payment of debt issuance and modification costs on revolving line of credit 0 (72,000)
Less: Payment of Graf deferred underwriter fees 0 (1,250,000)
Payment of bridge notes (215,000) 0
Proceeds from repayments of receivable from shareholder 500,000 0
Net cash provided by financing activities 13,886,000 23,958,000
Net increase (decrease) in cash, cash equivalents, and restricted cash (39,000) 8,919,000
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 237,000 9,036,000
Cash and cash equivalents 8,000 8,786,000
Restricted cash 229,000 250,000
Total cash, cash equivalents, and restricted cash 237,000 9,036,000
Supplemental cash flow information    
Cash paid for interest expense 401,000 0
Supplemental disclosure of noncash investing and financing activities    
Conversion of liability classified warrants to equity pursuant to sequencing policy 297,000 0
Right-of-use asset obtained in exchange for new operating lease liability 513,000 0
Exercise of tranche right derivative 572,000 0
Initial issuance of subscription receivable 625,000 0
Capitalized software costs included in accounts payable and accrued expenses 16,000 15,000
Conversion of convertible promissory notes 101,000 0
Issuance of subscription receivable 0 32,915,000
Unpaid transaction costs included in accounts payable and accrued expenses 0 7,338,000
Assumption of derivative warrant liabilities $ 0 $ 2,045,000
Basic (in shares) 25,112,714 13,342,568
Convertible Promissory Notes    
Financing activities    
Proceeds from convertible debt $ 11,608,000 $ 6,215,000
Payment of financing fees related to convertible promissory notes (328,000) 0
Repayments of convertible debt (953,000) 0
Supplemental disclosure of noncash investing and financing activities    
Conversion of liability classified stock to equity 0 18,913,000
Convertible Promissory Notes Due to Related Parties and Warrants    
Financing activities    
Proceeds from convertible debt 0 10,000,000
Convertible Bridge Loans    
Financing activities    
Proceeds from convertible debt 700,000 0
Repayments of convertible debt (844,000) 0
Stock to Equity    
Supplemental disclosure of noncash investing and financing activities    
Conversion of liability classified stock to equity $ 4,024,000 $ 0