XML 15 R8.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income (loss) $ 130,000 $ (19,288,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 414,000 11,126,000
Depreciation 15,000 13,000
Change in the fair value of warrant liability (5,590,000) (1,146,000)
Change in the fair value of convertible promissory notes 0 (2,022,000)
Transaction costs assoicated with warrants 776,000 0
Non-cash interest expense 0 110,000
Accretion of discount on short-term investment (163,000) (2,000)
Changes in operating assets and liabilities:    
Prepaid expenses and other current and non-current assets (537,000) 129,000
Accounts payable 129,000 (1,040,000)
Accrued expenses and other liabilities 111,000 6,765,000
Net cash used in operating activities (4,715,000) (5,355,000)
Investing activities:    
Purchase of investments (17,853,000) 0
Maturity of investments 4,750,000 4,750,000
Net cash provided by (used in) investing activities (13,103,000) 4,750,000
Financing activities:    
Proceeds from issuance of common stock, net of issuance costs 19,043,000 10,340,000
Acquisition of stock of Graybug, net of cash 0 14,856,000
Merger transaction costs 0 (1,681,000)
Net cash provided by financing activities 19,043,000 23,515,000
Net increase in cash and cash equivalents 1,225,000 22,910,000
Cash, cash equivalents and restricted cash at beginning of period 5,530,000 1,476,000
Cash and cash equivalents at end of period 6,755,000 24,386,000
Supplemental cash flow information:    
Conversion of Series A, B, C-1, C-2 and D convertible preferred stock to common stock 0 62,071,000
Issuance of common stock to Graybug stockholders as a result of the Merger 0 29,218,000
Short-term investments assumed in the Merger 0 9,776,000
Prepaid expenses and other current assets assumed in the Merger 0 2,096,000
Accounts payable and accrued liabilities assumed in the Merger 0 2,258,000
Conversion of C-2 warrants to common stock 0 442,000
Conversion of convertible promissory notes to common stock 0 3,245,000
Conversion of convertible promissory note warrants to common stock 0 841,000
Merger transaction costs in accounts payable 0 206,000
Merger transaction costs in accrued expenses 0 2,703,000
Financing costs included in accounts payable 32,000 297,000
Financing costs included in accrued expenses 32,000 0
Reclassification of warrant liability to equity $ 0 $ 216,000