Cash Flow

v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities:    
Net loss $ (43,319) $ (7,955)
Adjustments to reconcile net loss to net cash used in operating activities    
Accretion of interest for royalty obligations 2,397 0
Change in fair value of convertible note 14,984 0
Depreciation of property and equipment 729 0
Amortization of intangible assets 1,556 0
Impairment of intangible assets 285 0
Amortization of debt discount 259 692
Lease amortization expense 74 0
Stock-based compensation 5,461 1,799
Inventory write-off 1,055 0
Gain on default judgment 0 (363)
Changes in operating assets and liabilities:    
Accounts receivable (8,810) 0
Inventory 1,778 0
Prepaid expenses (880) (861)
Operating lease right-of-use assets 345 0
Accounts payable 1,356 1,179
Accrued expenses 6,163 (283)
Contingent consideration 2,200 0
Operating lease liabilities (282) 0
Deferred revenue (589) 0
Deferred income tax (7,387) 0
Other assets and liabilities 35 0
Net cash used in operating activities (22,590) (5,792)
Cash flow from investing activities:    
Purchases of property and equipment (99) 0
Acquisition of LNHC, Inc. 2,761 0
Net cash used in investing activities (5,236) 0
Cash flow from financing activities:    
Proceeds from PIPE, net 27,384 0
Proceeds from stock option exercises 206 0
Proceeds from convertible note 17,898 0
Proceeds from loan payable, net of debt discount 693 536
Payment of loan payable, net of debt discount (845) (215)
Common stock issued for cash 0 5,972
Rescission of common stock 0 (92)
Repurchase of common stock under stock repurchase plan 0 (75)
Shares issued for cash under equity line of credit 0 83
Net cash provided by financing activities 45,336 6,209
Net increase in cash and cash equivalents 17,510 417
Cash, cash equivalents and restricted cash as of beginning of period 513 96
Cash, cash equivalents and restricted cash as of end of period 18,023 513
Cash and cash equivalents 17,973 513
Restricted cash 50 0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 18,023 513
Supplemental cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest expense 19 0
Supplemental non-cash investing and financing activities:    
Royalty obligation extinguishment 369 0
Issuance costs allocated to convertible debt 1,072 0
PIPE proceeds allocated to accounts payable 1,776 0
PIPE proceeds allocated to debt payable 20,340 0
PIPE proceeds allocated to fees 600 0
Royalty agreement liability reclassified from additional paid in capital 10,821 0
Debt discount from common stock issued for extension of bridge loan 0 448
Shares issued for payment of accounts payable or for services 53 7
Conversion of notes to common stock 737 1,363
Transfer of liabilities to Chromocell Corporation for Series C Preferred Stock 0 2,153
Shares issued for payment of accrued interest 0 3
Shares issued for payment of principal on loan payable 0 24
Xepi Acquisition    
Cash flow from investing activities:    
Assets acquisition (6,080) 0
XEGLYZE Asset Purchase Agreement    
Cash flow from investing activities:    
Assets acquisition (1,818) 0
Nonrelated Party    
Supplemental non-cash investing and financing activities:    
Account payable and accrued expenses converted to notes 0 1,455
Related Party    
Supplemental non-cash investing and financing activities:    
Account payable and accrued expenses converted to notes $ 0 $ 132

Source

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