Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net loss $ (50,380,000) $ (5,940,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,435,000 993,000
Depreciation 3,000 7,000
Non-cash acquired in-process research and development 0 2,126,000
Non-cash interest on convertible notes 0 433,000
Non-cash interest on convertible notes - related party 0 45,000
Non-cash discount amortization on convertible notes 0 874,000
Non-cash discount amortization on convertible notes - related party 0 70,000
Fair value change in warrant liabilities and premium conversion derivatives 33,829,000 (158,000)
Non-cash share settlement with investors 1,614,000 0
Receipt of investments related to license agreement (289,000) 0
Unrealized gain from short-term investments (94,000) 0
Gain on note extinguishment 0 (1,260,000)
Change in assets and liabilities:    
Prepaid expenses and other assets 709,000 126,000
Accounts payable 216,000 214,000
Accrued and other liabilities (767,000) 31,000
Net cash used in operating activities (13,724,000) (2,439,000)
Investing activities    
Net cash used in investing activities 0 0
Financing activities    
Proceeds from issuance of common stock - registered direct offering 15,000,000 0
Proceeds from issuance of common stock - at-the-market program 5,806,000 0
Proceeds from issuance of convertible notes 0 1,748,000
Issuance costs (1,317,000) (1,000)
Deferred offering costs 0 (123,000)
Exercise of stock options 86,000 0
Net cash provided by financing activities 19,575,000 1,624,000
Net increase (decrease) in cash and cash equivalents 5,851,000 (815,000)
Cash and cash equivalents at beginning of period 16,399,000 1,537,000
Cash and cash equivalents at end of period 22,250,000 722,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Supplemental non-cash financing transactions:    
Non-cash reclassification of Series A warrant liability to equity 61,793,000 0
Bifurcation of premium conversion derivative related to convertible notes 0 831,000
Unpaid deferred offering and issuance costs 4,000 1,278,000
Net change in proceeds receivable from convertible note issuance $ 0 $ 450,000