Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) - basic $ (37,049) $ (29,513) $ (62,656)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation expense   3 2
Stock-based compensation   2,862 6,215
Gain on extinguishment of debt     (121)
Change in fair value of warrant liabilities   (236) (823)
Change in fair value of Earnout Cash liability   (4,582) 763
Non-cash interest expense     15
Non-cash settlement expense     21,366
Non-cash consulting expense 7,900   12,776
Changes in operating assets and liabilities:      
Accounts receivable     831
Prepaid expenses and other assets   (1,443) (6,050)
Accounts payable   (1,519) 1,854
Accrued expenses and other liabilities   2,991 (595)
Net cash used in operating activities   (31,437) (26,423)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of computer equipment   (11) (7)
Net cash used in investing activities   (11) (7)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock for exercise of warrant 9,200   16,699
Effect of Merger, net of transaction costs     11,050
Proceeds from issuance of common stock and exercise of stock options, net of transaction costs     9,624
Repayment of note payable   (518)  
Proceeds from issuance of common stock and warrants issued in private placement, net of issuance costs 31,100 22,610 27,359
Repayment of notes payable assumed in Merger     (1,100)
Repayment of notes payable - related party     (177)
Net cash provided by financing activities   22,092 63,455
Net increase in cash and cash equivalents   (9,356) 37,025
Cash and cash equivalents at beginning of period   27,605 1,859
Cash and cash equivalents at end of period $ 38,884 18,249 38,884
Non-cash investing and financing activities      
Reclassification of settlement liability upon issuance of warrant     60,852
Reclassification of legacy NeuroRx warrants to warrant liability     38,220
Reclassification of warrant liability upon exercise of warrant     38,120
Issuance of common stock warrants as offering costs   726 1,027
Extinguishment of Paycheck Protection Program Loan     $ 121
Issuance of common stock for settlement of accrued liability   $ 17