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v3.25.1

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Mar. 31, 2024 | Dec. 31, 2024
Cash flows from operating activities: |  |  |
Net loss | $ (8,480) | $ (9,151) | $ (33,971)
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Depreciation and amortization | (9) | 27 |
Equity-based compensation | 586 | 1,171 |
Amortization of right-of-use assets | 54 | 31 |
Loss on currency translation from liquidation of subsidiary |  | 195 |
Changes in operating assets and liabilities: |  |  |
Grant receivables | (2,092) | 420 |
Prepaid expenses and other assets | 200 | 583 |
Accounts payable and accrued expenses | (75) | (377) |
Deferred grant income and other liabilities |  | (117) |
Operating lease liabilities | (61) | (26) |
Net cash used in operating activities | (9,877) | (7,244) |
Cash flows from financing activities: |  |  |
Payment of employee withholding taxes on vested restricted stock units | (46) | (106) |
Payments on loan payable | (118) | (178) |
Net cash provided by financing activities | 1,296 | 11,993 |
Net (decrease) increase in cash and cash equivalents | (8,581) | 4,749 |
Cash and cash equivalents |  |  |
Cash and cash equivalents - beginning of period | 25,009 | 29,922 | 29,922
Cash and cash equivalents - end of period | 16,428 | 34,671 | $ 25,009
At The Market Offering |  |  |
Cash flows from financing activities: |  |  |
Proceeds from issuance of common stock | $ 1,460 | 381 |
Follow-on Public Offering |  |  |
Cash flows from financing activities: |  |  |
Proceeds from issuance of common stock |  | $ 11,896 |

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