v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 14,422 $ 8,907
Marketable securities   4,775
Prepaid expenses 1,521 1,382
Other current assets 571 2,642
Total current assets 16,514 17,706
Property and equipment, net 556 627
Operating lease right-of-use assets 2,077 2,241
Other assets 105 105
Total assets 19,252 20,679
Current liabilities:    
Accounts payable 11,557 13,671
Accrued and other current liabilities 4,239 6,498
Current portion of lease liabilities 677 671
Total current liabilities 16,473 20,840
Warrant liabilities 1,861 9,299
Long-term portion of lease liabilities 1,988 2,210
Other liabilities 38 182
Total liabilities 20,360 32,531
Commitments and contingencies
Stockholders' deficit:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none issued and outstanding at June 30, 2023 and December 31, 2022
Common stock, $0.0001 par value, 125,000,000 shares authorized, 1,565,920 and 594,983 shares issued and outstanding at June 30, 2023 and December 31, 2022 1 1
Additional paid-in capital 333,535 313,884
Accumulated other comprehensive loss (32)
Accumulated deficit (334,644) (325,705)
Total stockholders' deficit (1,108) (11,852)
Total liabilities and stockholders' deficit $ 19,252 $ 20,679

Source

v3.23.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating expenses:        
Research and development $ 4,870 $ 16,760 $ 10,165 $ 29,485
General and administrative 3,105 3,266 6,668 6,520
Total operating expenses 7,975 20,026 16,833 36,005
Loss from operations (7,975) (20,026) (16,833) (36,005)
Other income (expense):        
Interest income, net 114 21 201 55
Other expense (96)   (96)  
Change in fair value of warrant liabilities 389 1,916 7,789 (2,296)
Total other income (expense) 407 1,937 7,894 (2,241)
Net loss $ (7,568) $ (18,089) $ (8,939) $ (38,246)
Per share information:        
Basic net loss per share $ (1.94) $ (36.79) $ (3.04) $ (77.79)
Weighted average shares outstanding basic 3,901,839 491,626 2,943,979 491,626
Diluted net loss per share $ (1.94) $ (36.79) $ (3.04) $ (77.79)
Weighted Average Number of Shares Outstanding, Diluted 3,901,839 491,626 2,943,979 491,626

Source

v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities          
Net loss     $ (8,939) $ (38,246)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation     81 76  
Stock-based compensation expense     1,727 1,884  
Issuance costs allocated to warrants     96    
Change in fair value of warrant liabilities $ (389) $ (1,916) (7,789) 2,296  
Net amortization of premium paid on marketable securities     57 502  
Changes in operating assets and liabilities:          
Decrease (increase) in prepaid expenses and other current and non-current assets     2,791 (1,283)  
(Decrease) increase in accounts payable, accrued and other current liabilities     (4,973) 8,419  
Net cash used in operating activities     (16,949) (26,352)  
Cash flows from investing activities          
Proceeds from maturities of marketable securities     4,750 19,247  
Purchases of property and equipment     (20)    
Net cash provided by investing activities     4,730 19,247  
Cash flows from financing activities          
Proceeds from Issuance of Common Stock     19,567    
Payment of financing costs of securities sold     (1,393)    
Repayments of insurance premium financing     (445)    
Proceeds from the exercise of pre-funded warrants     5    
Net cash provided by financing activities     17,734    
Net increase (decrease) in cash and cash equivalents     5,515 (7,105)  
Cash and cash equivalents at beginning of period     8,907 16,654 $ 16,654
Cash and cash equivalents at end of period $ 14,422 $ 9,549 14,422 $ 9,549 $ 8,907
Supplemental schedule of cash flow information          
Issuance of warrants to purchase common stock     1,793    
Cash paid for interest     15    
Supplemental schedule of non-cash financing activities          
Insurance premium financing     $ 900    

Source