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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities        
Net loss $ (5,528) $ (14,087) $ (9,763) $ (97,610)
Adjustments to reconcile net loss to net cash used in operating activities:        
Non-cash interest expense     799
Non-cash debt issuance costs     627
Non-cash stock issuances     577
Stock-based compensation     559 1,018
Fair value of warrants issued 2,301
Loss on extinguishment of debt 224 15,080
Loss on exchange of notes 1,899 1,899
Loss in connection with Share Consideration shares 12,676
Loss in connection with backstop put option liability and fixed maturity consideration     (442) 45,404
Net loss attributable to equity interest in Virion 484 3,302
Change in fair value of Virion contribution liability 180 (240)
Change in fair value of 2023 Convertible Note, SPA Warrant, and the Ayrton Note Purchase Option 126 (570) 1,462 589
Non-cash transaction costs in excess of Business Combination proceeds     7,578
Changes in assets and liabilities:        
Prepaid expenses     302
Accounts payable and accrued expenses     1,540 2,038
Accrued expenses - related party     (279) 360
Net cash used in operating activities     (1,660) (8,563)
Cash flows from financing activities        
Payment to Backstop Parties for backstop agreement     (51,606)
Payment to Backstop Parties for Share Consideration     (12,676)
Issuance of common stock pursuant to the backstop agreement and subscription agreement     14,260
Proceeds from Backstop Agreement     1,444
Proceeds from reverse recapitalization     52,070
Proceeds from short-term loans, net of issuance costs     896 8,168
Repayments of short-term loans     (2,100)
Net cash provided by financing activities     896 9,560
Total change in cash and restricted cash     (764) 997
Cash and restricted cash at beginning of period     1,004 34
Cash and restricted cash at end of period $ 240 $ 1,031 240 1,031
Supplemental disclosure of non-cash financing activities:        
Offering costs not yet paid     2,049
Non-cash stock issuances     1,881 15,766
SPA warrant liability upon issuance     $ 1,932