Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net Income (Loss) $ (17,434) $ 18,691
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Non-cash interest expense (income) - royalty agreement 3,887 (6,265)
Non-cash interest expense - convertible notes 430 0
Change in fair value of derivative liabilities - royalty agreement 633 (485)
Change in fair value of convertible notes payable (1,100) 0
Change in fair value of derivative liabilities - contingent value right liability 1,978 0
Gain on extinguishment - royalty agreement 0 (23,098)
Stock-based compensation 830 603
Costs to issue convertible notes charged to expense 129 0
Change in operating assets and liabilities:    
German research and development tax credit receivable (1,978) 0
Prepaid expenses and other current assets (1,503) 273
Account payable 2,238 (2,245)
Accrued expenses and other current liabilities 1,050 (1,177)
Net cash used in operating activities (10,840) (13,703)
Cash flows from financing activities    
Cash acquired from Reverse Merger transaction 13,800 0
Payment of transaction costs in connection with Reverse Merger (2,474) 0
Proceeds from PIPE Financing 60,001 0
Payments of transaction costs associated with PIPE Financing (2,542) 0
Proceeds from issuance of convertible notes 18,433 0
Payment of transaction costs to issue convertible notes (129) 0
Proceeds from amendement to royalty agreement 0 5,000
Net cash provided by financing activities 87,089 5,000
Effect of exchange rate change on cash and cash equivalents 3 0
Net increase (decrease) in cash and cash equivalents 76,252 (8,703)
Cash and cash equivalents at beginning of period 7,350 16,053
Cash and cash equivalents at end of period 83,602 7,350
SUPPLEMENTARY DISCLOSURE OF NONCASH FINANCING ACTIVITIES:    
Transaction costs related to Reverse Merger included in accounts payable and accrued expenses $ 1,269 $ 0