Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:    
Net Income (Loss) $ (51,602) $ (77,525)
Issuance of common shares - Equity fee on at-the-market offering to Fortress Biotech 0 166
Common shares issuable - Equity fee on at-the-market offering to Fortress Biotech 4 0
Common shares issuable - Equity fee on Registered Direct Offering to Fortress Biotech 110 0
Common shares issuable - Annual Stock Dividend to Fortress Biotech 477 1,109
Issuance of common shares - Equity fee on note payable to Fortress Biotech 0 750
Research and development - licenses acquired 50 365
Stock-based compensation expenses 568 2,283
Depreciation expense 1,860 2,723
Amortization of debt discount 118 470
Amortization of operating lease right-of-use assets 365 308
Loss on disposal of property and equipment 0 255
Gain on sale of property and equipment (1,466) 0
Loss on extinguishment of debt 2,796 0
Gain on lease modification 220 0
Prepaid expenses and other assets 1,092 (1,006)
Accounts payable and accrued expenses 125 5,257
Payable and accrued expenses - related party 67 43
Lease liabilities (680) (263)
Net cash used in operating activities (49,477) (65,066)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (50) (365)
Proceeds from the sale of property and equipment 6,000 127
Purchase of fixed assets (64) (2,714)
Net cash provided by (used in) investing activities 5,886 (2,952)
Cash Flows from Financing Activities:    
Payment of debt (30,375) 0
Proceeds from issuance of common shares - at-the-market offering 163 6,623
Offering costs for the issuance of common shares - at-the-market offering (3) (123)
Proceeds from issuance of common shares - Registered Direct Offering 4,398 0
Offering costs for the issuance of common shares - Registered Direct Offering (443) 0
Proceeds from debt issuance 0 30,000
Fees paid on the issuance of debt 0 (2,650)
Proceeds from issuance of common shares under ESPP 178 206
Net cash (used in) provided by financing activities (26,081) 34,056
Net change in cash, cash equivalents and restricted cash (69,672) (33,962)
Cash, cash equivalents and restricted cash, beginning of the period 76,656 110,618
Cash, cash equivalents and restricted cash, end of the period 6,984 76,656
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,352 2,710
Supplemental disclosure of noncash activities:    
Issuance of common shares - Founders Agreement 1,109 4,212
Note payable final payment fee (incurred but not paid) 0 1,050
Issuance of warrants - note payable 0 384
Lease liabilities arising from obtaining right-of-use assets 0 2,176
Related Party    
Cash Flows from Operating Activities:    
Other receivables 36 14
Non related party    
Cash Flows from Operating Activities:    
Other receivables $ (3,616) $ (15)