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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (22,986) $ (13,576)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 144 98
Shares issued as compensation for consulting services   38
Stock-based compensation 3,196 289
Loss on fair value adjustment of warrant liability 294 1,160
Loss (gain) on fair value of strategic investments 17 (1,510)
Accretion and interest related to marketable securities (2,118)  
Loss on debt extinguishment   682
Non-cash lease expense 313 269
Amortization of deferred financing fees 73 91
Changes in operating assets and liabilities:    
Accounts receivable (75) 41
Inventory 98 (65)
Prepaid expenses and other assets (723) (485)
Accounts payable, accrued expenses and other liabilities (1,016) 672
Operating lease liabilities - current and non-current (341) (48)
Deferred revenue (1,747) (945)
Net cash used in operating activities (24,871) (13,289)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (62) (313)
Sales of marketable securities 64,200  
Purchases of marketable securities (99,549) (208)
Net cash used in investing activities (35,411) (521)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of debt financing, inclusive of debt extinguishment costs   (6,446)
Proceeds from Avenue term loan   10,000
Proceeds from exercise of warrants 23 79
Proceeds from exercise of stock options 74 117
Effect of merger, net of transaction costs (Note 3) 56,810  
Deferred financing, offering and merger costs   (2,735)
Net cash provided by financing activities 56,907 110,845
Net (decrease) increase in cash and cash equivalents (3,375) 97,035
Cash and cash equivalents, beginning of the period 19,784 9,938
Cash and cash equivalents, end of the period 16,409 106,973
Cash paid during the six months ended June 30:    
Interest $ 718 741
Non-cash financing activities:    
Deferred offering and merger costs in accounts payable and accrued expenses   6,844
Warrants issued pursuant to Legacy Orchestra Series D-2 Preferred Stock   620
Warrants issued pursuant to debt financing   178
Conversion of Legacy Orchestra Series C Preferred Stock to Series D-2 Preferred Stock   10,828
Series D-1 Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Legacy Orchestra Series Financing   27,276
Series D-2 Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from Legacy Orchestra Series Financing   $ 82,554