Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating activities    
Net loss $ (56,693,000) $ (24,620,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,914,000 1,506,000
Depreciation 4,000 8,000
Non-cash acquired in-process research and development 0 10,502,000
Gain on note extinguishment 0 (3,672,000)
Non-cash interest on convertible notes 0 492,000
Non-cash interest on convertible notes - related party 0 51,000
Non-cash discount amortization on convertible notes 0 873,000
Non-cash discount amortization on convertible notes - related party 0 71,000
Fair value change in warrant liabilities and premium conversion derivatives 33,829,000 1,486,000
Non-cash interest attributed to Series A warrant issuance 0 4,671,000
Issuance costs attributed to Series A warrants 0 689,000
Non-cash share settlement with investors 1,614,000 0
Receipt of investments related to license agreement (289,000) 0
Unrealized loss from short-term investments 70,000 0
Change in assets and liabilities:    
Prepaid expenses and other assets (45,000) (906,000)
Accounts payable 381,000 792,000
Accrued expenses (155,000) 1,260,000
Net cash used in operating activities (19,370,000) (6,797,000)
Investing activities    
Cash acquired in connection with asset acquisition 0 2,014,000
Transaction costs in connection with asset acquisition (100,000) (1,475,000)
Net cash (used in) provided by investing activities (100,000) 539,000
Financing activities    
Proceeds from pre-merger financing 0 21,150,000
Proceeds from issuance of common stock 28,491,000 0
Proceeds from issuance of convertible notes 0 2,197,000
Issuance costs attributed to pre-merger financing 0 (1,769,000)
Issuance costs attributed to common stock and convertible notes (1,511,000) (10,000)
Proceeds from short-term loan 646,000 0
Payment made on short-term loan principal (108,000) 0
Settlement of Rexahn warrants 0 (506,000)
Exercise of stock options 87,000 58,000
Net cash provided by financing activities 27,605,000 21,120,000
Net increase in cash and cash equivalents 8,135,000 14,862,000
Cash and cash equivalents at beginning of period 16,399,000 1,537,000
Cash and cash equivalents at end of period 24,534,000 16,399,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 2,000 0
Supplemental non-cash financing transactions:    
Non-cash reclassification of series A warrant liability to equity 61,793,000 0
Non-cash conversion of convertible notes to common stock 0 9,365,000
Common stock and warrants issued in connection with the asset acquisition 0 8,883,000
Unpaid transaction costs in connection with asset acquisition 0 100,000
Net assets assumed in connection with asset acquisition 0 68,000
Bifurcation of premium conversion derivative related to convertible notes 0 831,000
Unpaid issuance costs $ 6,000 $ 0