v3.24.0.1
Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities    
Net (loss) income $ (9,986) $ 17,888
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Stock-based compensation 3,510 1,807
Depreciation 6 4
Fair value change in derivative liabilities (80) 0
Financing costs 1,328 0
Unrealized loss from short-term investments 34 170
Change in assets and liabilities:    
Accounts receivable 372 (1,298)
Contract assets and unbilled receivables 2,145 (3,552)
Prepaid expenses and other assets 354 (139)
Accounts payable 1,082 (515)
Accrued expenses 123 (51)
Net cash (used in) provided by operating activities (1,112) 14,314
Investing activities    
Transaction costs in connection with asset acquisition 0 0
Net cash used in investing activities 0 0
Financing activities    
Proceeds from issuance of common stock 9,227 4,428
Issuance costs attributed to common stock (278) (131)
Payments made on short-term loan principal 0 (538)
Exercise of stock options and Series B warrants 30 27
Net cash provided by financing activities 8,979 3,786
Net increase in cash and cash equivalents 7,867 18,100
Cash and cash equivalents at beginning of period 42,634 24,534
Cash and cash equivalents at end of period 50,501 42,634
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 344 0
Cash paid for interest 0 9
Supplemental non-cash financing transactions:    
Non-cash issuance of common stock in connection with equity purchase agreement 1,022 0
Value of derivative established in connection with the equity purchase agreement 154 0
Unpaid issuance costs $ 10 $ 2

Source