Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Net loss $ (24,444,000) $ (19,381,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 2,085,000 1,683,000
Amortization of discounts on marketable securities (1,343,000) (1,223,000)
Non-cash lease expense 75,000 70,000
Depreciation 39,000 30,000
Changes in operating assets and liabilities:    
Amounts receivable 133,000 (287,000)
Prepaid expenses and other assets 184,000 (160,000)
Deposits (1,308,000) 0
Accounts payable 14,000 192,000
Accrued liabilities 2,489,000 348,000
Net cash used in operating activities (22,076,000) (18,728,000)
Cash flows from investing activities:    
Purchase of marketable securities (50,411,000) (69,410,000)
Maturities of marketable securities 59,000,000 51,135,000
Purchase of property and equipment (25,000) (24,000)
Net cash provided by (used in) investing activities 8,564,000 (18,299,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net of offering costs 11,747,000 36,848,000
Proceeds from the exercise of stock options 256,000 0
Principal payments on finance lease obligations (9,000) (6,000)
Net cash provided by financing activities 11,994,000 36,842,000
Net decrease in cash and cash equivalents (1,518,000) (185,000)
Cash and cash equivalents at beginning of period 4,543,000 4,728,000
Cash and cash equivalents at end of period 3,025,000 4,543,000
Supplemental disclosure of cash flow information:    
Assets acquired under financing lease 30,000 0
Cash paid for income taxes $ 26,000 $ 33,000