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
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (25,946) $ (28,984)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation and employee inducement award 5,250 714
Depreciation and amortization 1,115 733
Loss on extinguishment of warrant liability 0 504
Change in fair value of warrant liability 0 (10,458)
Change in fair value of derivative liability 0 (401)
Gain on issuance of convertible note 0 (64)
Loss on extinguishment of debt 0 2,345
Change in fair value of notes 0 7,040
Amortization of deferred issuance costs 1,306 9,341
Amortization of right-of-use assets 780 626
Impairment of goodwill 0 649
Intangible asset impairment 0 200
Loss on lease termination 0 214
Loss on disposal of equipment 0 144
Realized loss from ELOC derivative 800 0
Other non-cash expenses 23 630
Changes in operating assets and liabilities:    
Prepaid and other assets 192 61
Accounts and retention receivables (5,275) (83)
Contract assets (2,058) 0
Accounts payable 1,104 1,253
Accounts payable - related party 2,762 0
Accrued expenses and other current liabilities 2,451 440
Lease liabilities (685) (1,062)
Net cash used in operating activities (18,181) (16,158)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for acquisition of Amerigen 7 0 (645)
Purchases of property and equipment (6,145) (2,173)
Advances on note receivable (243) 0
Repayments of note receivable 181 0
Net cash used in investing activities (6,207) (2,818)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from the exercise of warrants 0 2,062
Proceeds from the issuance of common stock / at-the-market offering, net of issuance costs 21,274 8,228
Proceeds from the issuance of notes in connection with line-of-credit 0 2,350
Proceeds from issuance of Series F-1 preferred stock 0 2,328
Proceeds from issuance of Series F-2 preferred stock 0 748
Proceeds from issuance of Senior Secured Notes, net of fees paid 0 1,357
Payments of notes payable (99) (2,348)
Proceeds from lines-of-credit 1,118 0
Repayments of lines-of-credit (1,118) 0
Proceeds from the issuance of common stock in connection with equity line-of-credit, net of issuance costs 15,853 4,489
Net cash provided by financing activities 37,028 19,214
Net increase in cash 12,640 238
Cash — beginning of the year 1,059 821
Cash — end of the year 13,699 1,059
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 214 14
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of Series E preferred stock in connection with line of credit 0 4,350
Issuance of common stock in connection with equity line of credit 0 114
Issuance of Series F preferred stock in connection with exchange of Series D preferred stock 0 450
Issuance of common stock in connection with conversion of notes 0 2,165
Issuance of common stock in connection with Senior Secured Notes settlement 0 1,160
Conversion of Senior Secured Notes into Series F preferred stock in connection with Exchange Agreements 0 82
Commitment to issue shares of common stock in connection with Demand Notes 0 286
Acquisitions of property and equipment included in liabilities 71 452
Property and equipment acquired through notes payable 634 0
Right-of-use assets in exchange of operating lease liabilities 560 1,168
Reduction of right-of-use assets and lease liability due to termination 0 853
At-the-market receivables settled on January 1, 2025 1,404 0
Series A Preferred Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of preferred stock into common stock 251 0
Series B Preferred Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of preferred stock into common stock 1,530 0
Series C Preferred Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of preferred stock into common stock 501 0
Series F Preferred Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of preferred stock into common stock 4,438 0
Series F-1 Preferred Stock Converted To Common Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of preferred stock into common stock 653 0
Series F-2 Preferred Stock Converted To Common Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of preferred stock into common stock 1,163 0
Preferred Stock Series A, B and C    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Deemed dividend 2,147 0
Series F-1, F-2 and F-3 Preferred Stock    
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Deemed dividend $ 3,874 $ 0