v3.22.2.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net loss $ (7,733,000) $ (3,969,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 480,000 21,000
Amortization on leasehold improvement 6,000 5,000
Loss on change in fair value of derivative liability (118,000)
Gain on loan extinguishment from PPP loan (140,000)
Loss on loan extinguishment from convertible notes 78,000
Amortization of debt discount and issuance costs 697,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (47,000) (324,000)
Accounts payable 13,000 (29,000)
Accrued expenses 151,000 421,000
Net cash used in operating activities (7,130,000) (3,358,000)
Investing activities:    
Purchases of marketable securities (8,000,000)
Proceeds from maturities of marketable securities 2,992,000
Expenditure for leasehold improvements (15,000)
Net cash used in investing activities (5,008,000) (15,000)
Financing activities:    
Net proceeds from issuance of common stock upon initial public offering 14,561,000
Proceeds from exercise of warrants 2,675,000
Proceeds from convertible notes 1,977,000
Proceeds from exercise of stock options 39,000 90,000
Net cash provided by financing activities 39,000 19,303,000
(Decrease) increase in cash and cash equivalents (12,099,000) 15,930,000
Cash and cash equivalents, beginning of period 15,192,000 1,795,000
Cash and cash equivalents, end of period 3,093,000 17,725,000
Supplemental disclosure of non-cash investing and financing activities:    
Derivative liability 738,000
Conversion of convertible preferred stock upon initial public offering 12,451,000
Conversion of convertible notes upon initial public offering $ 5,279,000

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