Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net (loss) income $ (43,994) $ 5,283
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expenses 0 5
Bad debt expense 48 49
Non-cash interest expense 781 698
Accretion of convertible preferred shares 2,845 0
Amortization of debt discount 2,572 0
Amortization of license fee 2,474 1,420
Amortization of operating lease right-of-use assets 86 91
Stock-based compensation 2,466 153
Deferred taxes provision (benefit) 1,566 (335)
Change in fair value of derivative liability 447 0
Research and development-licenses acquired, expense 13,819 0
Changes in operating assets and liabilities:    
Accounts receivable 768 (5,022)
Inventory (8,458) (547)
Prepaid expenses and other current assets (774) (1,009)
Other assets (144) 0
Accounts payable 20,388 (204)
Accounts payable, related party 1,325 52
Accrued expenses 1,235 2,390
Accrued expenses, related party 544 0
Income tax payable (91) 2,191
Lease liabilities (84) (83)
Net cash (used in) provided by operating activities (2,181) 5,132
Cash flows from investing activities    
Purchase of research and development licenses (10,000) (1,200)
Net cash used in investing activities (10,000) (1,200)
Cash flows from financing activities    
Proceeds from the exercise of options 7 13
Proceeds from Fortress note 9,540  
Payment of license note payable (5,300) (500)
Proceeds from convertible preferred shares 18,967 0
Payment of debt issuance costs associated with convertible preferred shares (1,996) 0
Proceeds from line of credit 7,000  
Repayment of line of credit (6,188)  
Proceeds from issuance of common stock - initial public offering 32,536  
Offering costs for the issuance of common stock - initial public offering (1,550)  
Net cash provided by (used in) financing activities 53,016 (487)
Net change in cash 40,835 3,445
Cash at the beginning of the period 8,246 4,801
Cash at the end of the period 49,081 8,246
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 158 110
Supplemental disclosure of non-cash financing and investing activities:    
Unpaid debt offering cost 214 0
Unpaid initial public offering cost 371  
Derivative warrant liability associated with convertible preferred shares 362  
Conversion of class A preferred stock settled note to common stock 21,812  
Conversion of related party payables to common stock 16,105  
Conversion of placement agent warrants to common stock 948  
Conversion of contingent payment warrants to common stock 3,680  
Extinguishment of related party payable relates to deferred tax assets 43 2,091
Unpaid intangible assets $ 0 $ 7,872