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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:        
Net loss $ (7,986) $ (2,418) $ (25,851) $ (39,331)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 406 439 1,240 1,283
Non-cash lease expense     394 315
Commitment share expense (0) (0) (0) 402
Issuance costs for common stock warrant liabilities (0) (0) (0) 333
Loss on initial issuance of equity 0 0 0 14,840
Fair Value Adjustment of Warrants (697) (6,341) (956) (5,958)
Change in fair value of Clene Nanomedicine contingent earn-out liability 0 (1,004) (75) (2,114)
Change in fair value of Initial Stockholders contingent earn-out liability 0 (129) (10) (272)
Stock-based compensation expense     6,152 7,070
Accretion of debt discount     1,184 819
Non-cash interest income on marketable securities     (153) 0
Non-cash interest expense on notes payable     40 273
Changes in operating assets and liabilities:        
Accounts receivable     143 125
Inventory     (91) (61)
Prepaid expenses and other current assets     (1,185) 1,483
Accounts payable     174 (1,125)
Accrued liabilities     2,945 (669)
Operating lease obligations     (412) (412)
Net cash used in operating activities     (16,461) (22,999)
Cash flows from investing activities:        
Purchases of marketable securities     (6,168) 0
Proceeds from maturities of marketable securities     12,500 5,000
Purchases of property and equipment     (14) (287)
Net cash provided by investing activities     6,318 4,713
Cash flows from financing activities:        
Proceeds from exercise of stock options     124 0
Proceeds from issuance of common stock and warrants, net of offering costs     2,036 42,094
Proceeds from share subscriptions payable     3,810 0
Payments of finance lease obligations     (27) (63)
Proceeds from the issuance of notes payable     0 350
Payments of notes payable     (10,000) 0
Payments of notes payable modification fees     0 (200)
Net cash provided by (used in) financing activities     (4,057) 42,181
Effect of foreign exchange rate changes on cash and restricted cash     24 (114)
Net increase (decrease) in cash, cash equivalents and restricted cash     (14,176) 23,781
Cash, cash equivalents and restricted cash – beginning of period     28,879 18,390
Cash, cash equivalents and restricted cash – end of period 14,703 42,171 14,703 42,171
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets        
Cash and cash equivalents 14,645 42,113 14,645 42,113
Restricted cash 58 58 58 58
Cash, cash equivalents and restricted cash $ 14,703 $ 42,171 14,703 42,171
Supplemental disclosure of non-cash investing and financing activities:        
Common stock warrant liability recorded upon debt modification     67 692
Common stock warrant liability recorded upon public stock offering     0 7,126
Deferred transaction costs in accrued liabilities and other current assets     68 0
Supplemental cash flow information:        
Cash paid for interest expense     $ 2,324 $ 2,266