Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net income (loss) $ 17,888 $ (56,693)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation 1,807 1,914
Depreciation 4 4
Fair value change in warrant liabilities 0 33,829
Non-cash share settlement with investors 0 1,614
Receipt of investments related to license agreement 0 (289)
Unrealized loss from short-term investments 170 70
Change in assets and liabilities:    
Accounts receivable (1,298) 0
Contract asset (3,552) 0
Prepaid expenses and other assets (139) (45)
Accounts payable (515) 381
Accrued expenses (51) (155)
Net cash provided by (used in) operating activities 14,314 (19,370)
Investing activities    
Transaction costs in connection with asset acquisition 0 (100)
Net cash used in investing activities 0 (100)
Financing activities    
Proceeds from issuance of common stock 4,428 28,491
Issuance costs attributed to common stock (131) (1,511)
Proceeds from short-term loan 0 646
Payments made on short-term loan principal (538) (108)
Exercise of stock options and Series B warrants 27 87
Net cash provided by financing activities 3,786 27,605
Net increase in cash and cash equivalents 18,100 8,135
Cash and cash equivalents at beginning of period 24,534 16,399
Cash and cash equivalents at end of period 42,634 24,534
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 9 2
Supplemental non-cash financing transactions:    
Non-cash reclassification of Series A warrant liability to equity 0 61,793
Unpaid issuance costs $ 2 $ 6