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Cash and cash equivalents increased to $20.6 million on June 30, 2022, compared to $2.2 million on December 31, 2021, while working capital increased by $17.4 million during this period.
The increase was primarily driven by net proceeds from the Company’s sale of common stock and warrants of approximately $21.7 million in February 2022. At June 30, 2022, the company remained debt free.