Clene Inc
For the period ended Dec 31, 2023. Filed Mar 13, 2024.
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FY2023 · Filed Mar 13, 2024
CLNN$4.41+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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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 | $(49,504) | $(29,918) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 1,705 | 1,019 |
| Non-cash lease expense | 434 | 389 |
| Commitment share expense | 402 | — |
| Issuance costs for common stock warrant liabilities | 333 | — |
| Loss on initial issuance of equity | 14,840 | — |
| Change in fair value of common stock warrant liabilities | (6,337) | (169) |
| Change in fair value of Clene Nanomedicine contingent earn-out liability | (2,189) | (15,836) |
| Change in fair value of Initial Stockholders contingent earn-out liability | (281) | (2,026) |
| Stock-based compensation expense | 9,117 | 8,513 |
| Gain on termination of lease | — | (420) |
| Loss on sale of marketable securities | — | 2 |
| Accretion of debt discount | 1,150 | 863 |
| Non-cash interest expense | 350 | 112 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 46 | (140) |
| Inventory | 6 | (2) |
| Prepaid expenses and other current assets | 1,976 | (1,443) |
| Accounts payable | (1,510) | 285 |
| Accrued liabilities | (143) | 253 |
| Operating lease obligations | (566) | (493) |
| Net cash used in operating activities | (30,171) | (39,011) |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | (6,169) | (24,614) |
| Proceeds from maturities of marketable securities | 5,000 | 12,015 |
| Proceeds from sales of marketable securities | — | 7,614 |
| Purchases of property and equipment | (330) | (5,179) |
| Net cash used in investing activities | (1,499) | (10,164) |
| Cash flows from financing activities: | ||
| Proceeds from exercise of stock options | — | 310 |
| Proceeds from issuance of common stock and warrants, net of offering costs | 42,094 | 11,460 |
| Payments of finance lease obligations | (81) | (135) |
| Proceeds from the issuance of notes payable | 350 | 5,695 |
| Payments of notes payable issuance costs | — | (81) |
| Payments of notes payable modification fees | (200) | — |
| Net cash provided by financing activities | 42,163 | 17,249 |
| Effect of foreign exchange rate changes on cash and restricted cash | (4) | (30) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 10,489 | (31,956) |
| Cash, cash equivalents and restricted cash – beginning of period | 18,390 | 50,346 |
| Cash, cash equivalents and restricted cash – end of period | $28,879 | $18,390 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets | ||
| Cash and cash equivalents | $28,821 | $18,332 |
| Restricted cash | 58 | 58 |
| Cash, cash equivalents and restricted cash | $28,879 | $18,390 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Common stock warrant liability recorded upon debt modification | $692 | $— |
| Common stock warrant liability recorded upon public stock offering | $7,126 | $— |
| Lease liability arising from obtaining right-of-use assets, leasehold improvements, and lease incentives | $— | $2,343 |
| Lease incentive realized | $— | $500 |
| Lease liability settled through termination of lease | $— | $602 |
| Reclassification of common stock warrant liability to permanent equity | $— | $305 |
| Purchases of property and equipment in accounts payable | $— | $806 |
| Supplemental cash flow information: | ||
| Cash paid for interest expense | $3,059 | $2,320 |
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