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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (22,320) $ (5,068)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 38 45
Non-cash interest expense 761 0
Non-cash vendor payments 150 0
Loss on issuance of senior secured notes 9,776 0
Stock-based compensation 191 45
Non-cash lease expense 87 87
Equity line of credit commitment expense 1,688 0
Loss on issuance of forward purchase agreement derivative liability 4,935 0
Changes in operating assets and liabilities:    
Accounts receivable ($129 and $46 from related parties, respectively) 809 458
Prepaid expenses and other current assets (736) (589)
Accounts payable ($1,500 and $749 to related parties, respectively) 2,109 635
Accrued expenses and other current liabilities and other non-current liabilities 550 (517)
Deferred revenue (94) (330)
Operating lease liabilities (91) (90)
Net cash used in operating activities (2,147) (5,324)
Cash flows from investing activities:    
Purchases of property and equipment (11) 0
Net cash used in investing activities (11) 0
Cash flows from financing activities:    
Payment of deferred offering costs (1,500) 0
Proceeds from the exercise of stock options 68 6
Proceeds from the reverse recapitalization 12,636 0
Prepayment for forward purchase agreement (10,986) 0
Proceeds from issuance of senior secured notes, net of debt issuance costs 5,878 0
Net cash provided by financing activities 6,096 6
Effect of exchange rate changes on cash and cash equivalents (19) 5
Net increase (decrease) in cash and cash equivalents 3,919 (5,313)
Cash and cash equivalents and restricted cash at beginning of period 3,469 10,210
Cash and cash equivalents and restricted cash at end of period 7,388 4,897
Supplemental disclosures    
Issuance of common stock in connection with conversion of senior secured notes ($3,853 and $0 from related parties, respectively) 14,660 0
Issuance of common stock in connection with debt issuance costs related to senior secured notes and capital markets advisory agreements 352 0
Issuance of senior secured notes in lieu of payments for offering costs and capital markets advisory agreements 1,150 0
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities 4,222 0
Debt issuance costs in included in accrued expenses and other current liabilities 35 0
Conversion of convertible preferred stock upon the reverse recapitalization $ 64,716 $ 0