Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (11,400) $ (12,098)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 13 15
Amortization of intangible asset 687 0
Share-based compensation expense 117 206
Interest on short-term investments 0 1
Amortization of debt discount and deferred financing costs 194 1,138
Adjustments to fair value of derivatives 1,134 793
Other 940 980
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,212) (1,223)
Inventory (948)  
Accounts payable 938 (4,175)
Accrued expenses 1,299 (5,501)
Income taxes 54 (140)
Other liabilities (568) (199)
Net cash used in operating activities (7,811) (19,842)
Cash flows from investing activities:    
Purchases of property and equipment (2) (2)
Purchases of short-term investments 0 (12,390)
Proceeds from sale of short-term investments 0 23,800
Net cash (used in) / provided by investing activities (2) 11,408
Cash flows from financing activities:    
Repayment of exchangeable notes (14,745)  
Proceeds from issuance of ordinary shares, net of transaction costs 11,477 7,384
Net cash (used in) / provided by financing activities (3,268) 7,384
Effect of exchange rates on cash and cash equivalents (18) (45)
Net decrease in cash, cash equivalents and restricted cash (11,099) (1,095)
Cash, cash equivalents and restricted cash, at beginning of period 24,159 6,105
Cash, cash equivalents and restricted cash, at end of period 13,060 5,010
Supplemental Disclosure of Cash Flow Information:    
Income taxes paid - U.S 81 220
Exchangeable Notes    
Adjustments to reconcile net loss to cash used in operating activities:    
Interest on notes - non-cash 88 $ 361
Promissory Note    
Adjustments to reconcile net loss to cash used in operating activities:    
Interest on notes - non-cash $ 853