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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:        
Net income (loss) $ (27,943,000) $ (25,651,000) $ 3,255,000 $ (76,298,000)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation     10,547,000 2,457,000
Gain from change in fair value of warrant liabilities (0) (0) (108,183,000) (0)
Depreciation 228,000 273,000 724,000 817,000
Amortization of intangible assets 32,000 119,000 148,000 357,000
Changes in operating assets and liabilities:        
Prepaid and other current assets     (5,074,000) 2,377,000
Operating lease right-of-use assets and liabilities     0 (17,000)
Accounts payable and accrued expenses     41,671,000 5,815,000
Accrued development expense     (494,000) 5,064,000
Accrued compensation and benefits     1,750,000 17,000
Other liabilities     (8,000) (298,000)
Net cash used in operating activities     (55,664,000) (59,709,000)
Cash flows from investing activities:        
Purchases of property and equipment     (46,000) (373,000)
Net cash used in investing activities     (46,000) (373,000)
Cash flows from financing activities:        
Proceeds from exercise of common stock warrants, net of exercise costs     123,552,000 0
Proceeds from issuance of common stock upon exercise of stock options   464,000 0 1,417,000
Net cash provided by financing activities     123,552,000 1,417,000
Net increase (decrease) in cash, cash equivalents and restricted cash     67,842,000 (58,665,000)
Cash, cash equivalents and restricted cash at beginning of period     121,136,000 201,015,000
Cash, cash equivalents and restricted cash at end of period 188,978,000 142,350,000 188,978,000 142,350,000
Reconciliation to condensed consolidated balance sheet:        
Cash and cash equivalents 148,978,000 142,350,000 148,978,000 142,350,000
Restricted cash 40,000,000 0 40,000,000 0
Cash, cash equivalents and restricted cash $ 188,978,000 $ 142,350,000 188,978,000 142,350,000
Non-cash financing activities        
Issuance of warrants resulting in recognition of warrant liabilities     113,363,000 0
Derecognition of warrant liabilities upon exercise of warrants     $ (5,180,000) $ 0