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 $ (13,821) $ (40,831)
Adjustments to reconcile net loss to net cash used in operating activities:    
Income from purchased receivables under the EIR method (15,066)  
Stock-based compensation expense 10,312 9,099
Credit losses on purchased receivables 30,904 1,575
Impairment charges   14,253
Gain on the acquisition of Kinnate (19,316)  
Income tax benefit (5,658) 0
Change in fair value of contingent consideration under RPAs, AAAs, and CPPAs   (75)
Common stock contribution to 401(k) 118 123
Amortization of intangible assets 206 897
Depreciation 10 3
Accretion of long-term debt discount and debt issuance costs 1,350 34
Non-cash lease expense 60 119
Change in fair value of equity securities (131) 174
Change in fair value of available-for-sale debt securities classified as cash equivalents 73  
Changes in assets and liabilities:    
Trade and other receivables, net (835) (1,003)
Prepaid expenses and other assets 302 219
Accounts payable and accrued liabilities 1,598 (523)
Operating lease liabilities (284) (114)
Unearned revenue recognized under units-of-revenue method (3,570) (2,108)
Net cash used in operating activities (13,748) (18,158)
Cash flows from investing activities:    
Net cash acquired in Kinnate acquisition 18,926  
Net payment for IP acquired under the Pulmokine Acquisition (20,176)  
Payments of consideration under RPAs, AAAs, and CPPAs (53,000) (14,650)
Receipts under RPAs, AAAs, and CPPAs 29,248 13,956
Purchase of equity securities (3,237)  
Purchase of property and equipment (20) (17)
Net cash used in investing activities (28,259) (711)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt   130,000
Principal payments - debt (6,902)  
Debt issuance costs and loan fees paid in connection with long-term debt (740) (4,253)
Payment of preferred stock dividends (5,472) (5,472)
Repurchases of common stock (13)  
Proceeds from exercise of options and other share-based compensation 5,214 466
Taxes paid related to net share settlement of equity awards (3,214) (148)
Net cash (used in) provided by financing activities (11,127) 120,593
Net (decrease) increase in cash, cash equivalents, and restricted cash (53,134) 101,724
Cash, cash equivalents, and restricted cash as of the beginning of the period 159,550 57,826
Cash, cash equivalents, and restricted cash as of the end of the period 106,416 159,550
Supplemental cash flow Information:    
Cash paid for interest 9,985  
Right-of-use assets obtained in exchange for operating lease liabilities   468
Non-cash investing and financing activities:    
Issuance of common stock warrants in connection with long-term debt   1,470
Accrued issuance costs in connection with issuance of long-term debt   501
Estimated initial fair value of contingent consideration under the LadRx Agreement   1,000
Estimated initial fair value of the Exarafenib milestone asset in Kinnate acquisition 2,922  
Estimated initial fair value of the Exarafenib milestone contingent consideration in Kinnate acquisition (2,922)  
Right-of-use assets obtained in exchange for operating lease liabilities in Kinnate acquisition 824  
Relative fair value basis reduction of right-of-use assets in Kinnate acquisition (824)  
Accrual of contingent consideration under the Affitech CPPA 3,000 6,000
Accrual of contingent consideration under the LadRx AAA 1,000  
Preferred stock dividend accrual $ 1,368 $ 1,368

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