v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net loss $ (57,532) $ (9,986)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,362 3,510
Depreciation 10 6
Fair value change in derivative liabilities (72) (80)
Financing costs 0 1,328
Unrealized loss from short-term investments 13 34
Acquired in-process research and development 28,000 0
Gain in connection with asset acquisition (2,447) 0
Change in assets and liabilities:    
Accounts receivable (2,637) 372
Contract assets and unbilled receivables (802) 2,145
Prepaid expenses and other assets 634 354
Accounts payable 220 1,082
Accrued expenses 5,675 123
Net cash used in by operating activities (25,576) (1,112)
Investing activities    
Cash received in connection with asset acquisition 1,210 0
Net cash provided by investing activities 1,210 0
Financing activities    
Proceeds from issuance of common stock 4,497 9,227
Issuance costs attributed to common stock (232) (278)
Share repurchases for the payment of employee taxes (79) 0
Exercise of stock options and Series B warrants 0 30
Net cash provided by financing activities 4,186 8,979
Net (decrease) increase in cash and cash equivalents (20,180) 7,867
Cash and cash equivalents at beginning of period 50,501 42,634
Cash and cash equivalents at end of period 30,321 50,501
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 0 344
Cash paid for interest 0 0
Supplemental non-cash financing transactions:    
Common stock and Series A preferred stock issued in connection with the asset acquisition 25,808 0
Net liabilities assumed in connection with asset acquisition 955 0
Non-cash issuance of common stock in connection with equity purchase agreement 0 1,022
Value of derivative established in connection with the equity purchase agreement 0 154
Unpaid issuance costs $ 163 $ 10

Source

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