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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Net loss $ (14,260) $ (26,616)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3 2
In-process research and development 0 30,117
Noncash transaction costs shared with Seneca 0 (135)
Noncash lease expense 164 166
Gain on forgiveness of PPP loan 0 (279)
Accretion of debt discount and non-cash interest expense 0 2,339
Loss on issuance of LBS Series 1 Preferred Stock 0 1,881
Loss on issuance of secured debt 0 686
Loss on issuance of warrants 1,110 3,247
Change in fair value of warrant liabilities (2,426) (23,033)
Change in fair value of share liability 0 (91)
Stock-based compensation 1,032 1,891
Other (233) (192)
Changes in operating assets and liabilities:    
Other receivables 0 84
Prepaid and other assets and other noncurrent assets 1,027 (1,157)
Accounts payable and accrued liabilities 399 (2,395)
Accrued compensation (25) (1,120)
Operating lease liabilities (151) (168)
Net cash used in operating activities (13,360) (14,773)
Cash flows from investing activities:    
Cash acquired in connection with the Merger 0 3,279
Acquisition related costs paid 0 (3,333)
Purchases of property and equipment (10) 0
Net cash used in investing activities (10) (54)
Cash flows from financing activities:    
Payments on debt (790) (1,433)
Proceeds from issuance of debt 0 1,250
Proceeds from issuance of Leading Biosciences, Inc. Series 1 Preferred Stock 0 19,900
Proceeds from issuance of common stock and warrants 14,401 5,209
Proceeds (payments) from the redemption of warrants 2,274 99
Payment of equity issuance costs (627) (67)
Payment of debt issuance costs 0 (151)
Net cash provided by financing activities 15,258 24,609
Net (decrease) increase in cash, cash equivalents and restricted cash 1,888 9,782
Cash, cash equivalents and restricted cash, beginning of period 10,521 739
Cash, cash equivalents and restricted cash, end of period 12,409 10,521
Reconciliation of cash, cash equivalents and restricted cash to the balance sheets:    
Cash and cash equivalents 12,383 10,495
Restricted cash 26 26
Total cash, cash equivalents and restricted cash 12,409 10,521
Supplemental disclosures of cash flow information:    
Interest paid 12 64
Right-of-use assets obtained in exchange for lease liabilities 355 0
Supplemental disclosures of non-cash investing and financing activities:    
Equity issuance costs included in accounts payable 388 0
Non cash impact of exercise price reset on outstanding warrants related to down round provisions 288 0
Issuance of common stock for the cashless exercise of warrants 1,274 1,689
Fair value of warrants issued to placement agent 55 0
Fair value of warrants issued to underwriter agent 459 0
Issuance of common stock upon conversion of Series B Convertible Preferred Stock 1 0
Insurance financing arrangements included in prepaid and other assets and other noncurrent assets 784 772
Cash receivable for exercises of warrants included in prepaid and other current assets 1,408 0
Transaction costs shared with Seneca 0 135
Acquisition costs related to stock issuance 0 1,184
Issuance of common stock to former Seneca stockholders 0 28,728
Conversion of LBS Series C Convertible Preferred stock into common stock 0 9,503
Net assets acquired in the Merger 0 2
Acquisition related vesting of RSU's assumed in the Merger 0 41
Acquisition related fair value change in warrant liability assumed in the Merger $ 0 $ 51