Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:    
Net loss $ (62,624) $ (56,670)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,924 3,137
Issuance of common shares - Founders Agreement 418 1,033
Common shares issuable - Founders Agreement 1,885 6,598
Loss on common stock warrant liabilities 4,451  
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (173) 828
Other receivables - related party (56) 3
Accounts payable and accrued expenses (4,622) 18,552
Accounts payable and accrued expenses - related party 243 213
Net cash used in operating activities (57,554) (26,306)
Cash Flows from Financing Activities:    
Net settlement of shares withheld for payment of employee taxes (1,698)  
Payment of Fractional shares (6)  
Net cash provided by financing activities 14,887 40,269
Net (decrease) increase in cash and cash equivalents (42,667) 13,963
Cash and cash equivalents at beginning of period 54,735 40,772
Cash and cash equivalents at end of period 12,068 54,735
Supplemental disclosure of noncash investing and financing activities:    
Issuance of common shares - Founders Agreement 6,598 4,617
At-the-market offering    
Cash Flows from Financing Activities:    
Issuance of common shares - At-the-market offering/Registered direct offering 10,120 41,279
Payment of offering costs for the issuance of common shares - At-the-market offering/Registered direct offering (248) $ (1,010)
Direct offering    
Cash Flows from Financing Activities:    
Issuance of common shares - At-the-market offering/Registered direct offering 7,500  
Payment of offering costs for the issuance of common shares - At-the-market offering/Registered direct offering $ (781)