v3.22.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net loss $ (5,597,000) $ (2,458,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 337,000 15,000
Amortization on leasehold improvement 6,000
Loss on change in fair value of derivative liability 52,000
Gain on loan extinguishment from PPP loan (140,000)
Amortization of debt discount and issuance costs 538,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 611,000 (53,000)
Other assets (420,000)
Accounts payable (52,000) 101,000
Accrued expenses 237,000 126,000
Net cash used in operating activities (4,458,000) (2,239,000)
Investing activities:    
Purchases of marketable securities (8,000,000)
Expenditure for leasehold improvements (15,000)
Net cash used in investing activities (8,000,000) (15,000)
Financing activities:    
Proceeds from convertible notes 1,977,000
Proceeds from exercise of stock options 35,000 39,000
Net cash provided by financing activities 35,000 2,016,000
Decrease in cash and cash equivalents (12,423,000) (238,000)
Cash and cash equivalents, beginning of period 15,192,000 1,795,000
Cash and cash equivalents, end of period 2,769,000 1,557,000
Supplemental disclosure of non-cash investing and financing activities:    
Derivative liability 363,000
Supplemental disclosure of non-cash activity:    
Debt issuance costs – 2021 Convertible Notes $ 23,000

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