Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (14,800) $ (42,986)
Adjustments to reconcile net loss to net cash used in operating activities:    
Issuance of common shares - Equity fee on Equity Offerings to Fortress Biotech 192 0
Common shares issuable - Equity fee on at-the-market offering to Fortress Biotech 0 4
Research and development - licenses acquired 0 50
Stock-based compensation expenses (500) 380
Depreciation expense 620 1,576
Amortization of debt discount 0 118
Amortization of operating lease right-of-use assets 128 286
Loss on disposal of property and equipment 29 0
Asset impairment 2,649 0
Gain on sale of property and equipment 0 (1,351)
Loss on extinguishment of debt 0 2,796
Gain on lease modification (314) (220)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 702 (1,688)
Accounts payable and accrued expenses (150) (1,299)
Payable and accrued expenses - related party 1,701 239
Lease liabilities (329) (163)
Net cash used in operating activities (9,413) (42,223)
Cash Flows from Investing Activities:    
Purchase of research and development licenses 0 (50)
Proceeds from the sale of property and equipment 0 6,000
Purchase of fixed assets 0 (34)
Net cash from investing activities 0 5,916
Cash Flows from Financing Activities:    
Payment of debt 0 (30,375)
Proceeds from issuance of common shares - Equity Offerings 5,944 163
Offering costs for the issuance of common shares - Equity Offerings (784) (3)
Proceeds from issuance of common shares - At-the-Market Offering 1,163 0
Offering costs for the issuance of common shares - At-the-Market Offering (45) 0
Proceeds from exercise of warrants 3 0
Proceeds from issuance of common shares under ESPP 48 178
Net cash provided by financing activities 6,329 (30,037)
Net change in cash, cash equivalents and restricted cash (3,084) (66,344)
Cash, cash equivalents and restricted cash, beginning of the period 6,984 76,656
Cash, cash equivalents and restricted cash, end of the period 3,900 10,312
Supplemental disclosure of cash flow information:    
Cash paid for interest 0 1,340
Supplemental disclosure of noncash activities:    
Issuance of common shares - Founders Agreement and Equity fee to Fortress 591 1,109
Related Party    
Changes in operating assets and liabilities:    
Other receivables 0 36
Non related party    
Changes in operating assets and liabilities:    
Other receivables $ 659 $ 0