v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net loss $ (8,194) $ (7,106)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 913 985
Depreciation 13 0
Fair value change in warrant liabilities (2,805) 0
Unrealized loss from short-term investments 1 10
Warrant financing costs 1,372 0
Change in assets and liabilities:    
Accounts receivable 483 (998)
Contract assets and unbilled receivables 534 213
Prepaid expenses and other assets (865) (461)
Accounts payable (718) (89)
Accrued expenses and other liabilities 272 1,730
Net cash used in operating activities (8,994) (5,716)
Investing activities    
Net cash used in investing activities 0 0
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants in connection with the March 2025 offering and March 2025 private placement 5,980 0
Proceeds from issuance of warrants in connection with the March 2025 offering and March 2025 private placement 15,520 0
Proceeds from issuance of common stock in connection with the at-the-market program and purchase agreement 409 2,479
Issuance costs (1,413) (61)
Exercise of stock options 5 0
Share repurchases for the payment of employee taxes (36) (42)
Net cash provided by financing activities 20,465 2,376
Net increase (decrease) in cash and cash equivalents 11,471 (3,340)
Cash and cash equivalents at beginning of period 30,321 50,501
Cash and cash equivalents at end of period 41,792 47,161
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Supplemental non-cash financing transactions:    
Unpaid issuance costs $ 687 $ 104

Source

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