ARS Pharmaceuticals Inc
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
SPRY$3.57+13.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net loss | $(54,365) | $(34,682) |
| Non-cash adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 9,235 | 5,843 |
| Acquired in-process research and development | — | 1,056 |
| Depreciation | 73 | 34 |
| Amortization and accretion, net | (6,878) | 285 |
| Change in fair value of warrant liability | — | 140 |
| Changes in operating assets and liabilities: | ||
| Prepaid and other assets | (1,435) | (1,186) |
| Donation of equipment | 30 | — |
| Accounts payable and accrued liabilities (including related party amounts of $162 and $(143), respectively) | (2,777) | (10,285) |
| Operating right-of-use assets and lease liabilities, net | (12) | 33 |
| Contract liability | (3,137) | (1,316) |
| Net cash used in operating activities | (59,266) | (40,078) |
| Cash flows from investing activities: | ||
| Purchases of short-term investments, available-for-sale | (272,005) | — |
| Maturities of short-term investments, available-for-sale | 185,000 | — |
| Purchase of property and equipment | (175) | (199) |
| Net cash used in investing activities | (87,180) | (199) |
| Cash flows from financing activities: | ||
| Cash proceeds from the Merger, net of transaction costs | — | 198,843 |
| Proceeds from exercise of common stock options and employee stock purchase plan | 6,899 | 570 |
| Repayment of bank note payable | — | (8,681) |
| Net cash provided by financing activities | 6,899 | 190,732 |
| Net change in cash and cash equivalents | (139,547) | 150,455 |
| Cash and cash equivalents at beginning of period | 210,518 | 60,063 |
| Cash and cash equivalents at end of period | $70,971 | $210,518 |
| Supplemental cash flow information: | ||
| Conversion of Series A, B, C, and D convertible preferred stock to common stock | $— | $76,039 |
| Short-term investments assumed in the Merger | $— | $63,473 |
| Prepaid expense and other current assets assumed in the Merger | $— | $4,404 |
| Accounts payable and accrued liabilities assumed in the Merger | $— | $12,017 |
| Reclassification of warrant liability to equity | $— | $223 |
| Interest paid | $— | $366 |
| Removal of retrospective insurance policy acquired in the Merger, included in prepaid and other current assets and other assets, and related reduction in additional paid in capital | $3,649 | $— |
| Purchases of property and equipment included in accounts payable | $— | $91 |
| Purchases of property and equipment reclassed from prepaid expenses and other current assets | $174 | $— |
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