NKGen Biotech, Inc. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated statements of cash flows

In millions of USD, except per-share amounts

	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 11 months to Dec 31, 2021
Operating Activities
Net income (loss)
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
General and administrative expenses paid by related party in exchange for issuance of common stock
General and administrative expenses paid by related party under promissory note
Offering costs - derivative warrant liability
Loss upon issuance of private placement warrants
Depreciation and amortization
Stock-based compensation
Amortization of right-of-use assets
Change in fair value of convertible promissory notes and convertible promissory notes due to related parties
Related Party
Total change in fair value of convertible promissory notes and convertible promissory notes due to related parties
Noncash lease expense
Noncash tax expense
Noncash interest expense (including related party amounts of $1,394 and $431 for the years ended December 31, 2024 and 2023, respectively)
Related Party
Total noncash interest expense (including related party amounts of $1,394 and $431 for the years ended December 31, 2024 and 2023, respectively)
Loss on sale of property and equipment, net
Loss on issuance of financial instruments (including related party amounts of $639 and zero for the years ended December 31, 2024 and 2023, respectively)
Related Party
Total loss on issuance of financial instruments (including related party amounts of $639 and zero for the years ended December 31, 2024 and 2023, respectively)
Loss on amendments to financial instruments, net
Change in fair value of forward purchase derivative liability
Gain from extinguishment of deferred underwriting commissions allocated to derivative warrant liability
Income from investments held in Trust Account
Prepaid expenses
Accounts payable
Franchise tax payable
Income tax payable
Accrued expenses
Change in fair value of financial instruments (including related party amounts of $1,825 and $(12) for the years ended December 31, 2024 and 2023, respectively)
Related Party
Total change in fair value of financial instruments (including related party amounts of $1,825 and $(12) for the years ended December 31, 2024 and 2023, respectively)
Changes in operating assets and liabilities:
Accounts receivable
Prepaid expenses and other current assets
Accounts payable and accrued expenses
Other current liabilities
Operating lease liabilities
Other, net
Net cash used in operating activities

Investing activities
Cash deposited in Trust Account
Income from investments released from Trust Account to pay for taxes
Purchases of property and equipment
Proceeds from sale of property and equipment
Purchases of capitalized software
Net cash used in investing activities

Financing activities
Proceeds from exercise of common stock options
Proceeds received from sales of FPA Shares
Proceeds from issuance of bridge notes
Proceeds from exercise of the PIPE warrants
Proceeds from exercise of the convertible promissory note warrants
Proceeds from related party loans
Repayment of note payable to related party
Proceeds received from initial public offering, gross
Proceeds received from private placement
Offering costs paid
Proceeds from draws on revolving line of credit
Proceeds from amendment to the FPA agreements
Proceeds from capital contributions
Repayment of related party loans
Payment in connection with letter agreements
Payment of financing fees related to convertible promissory notes
Repayments of convertible debt
Convertible 12% Promissory Notes
Convertible bridge loans
Payment of transaction costs
Payment of debt issuance and modification costs on revolving line of credit
Repayments on paycheck protection loan
Payment of bridge notes
Proceeds from repayments of receivables from shareholder
Net cash provided by financing activities

Net increase (decrease) in cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash at the beginning of year
Cash, cash equivalents, and restricted cash at the end of year
Supplemental cash flow information
Cash paid for interest expense
Supplemental disclosure of noncash investing and financing activities
Offering costs paid by Sponsor in exchange for issuance of common stock
Offering costs included in accrued expenses
Offering costs paid by related party under promissory note
Deferred underwriting commissions in connection with the initial public offering

Cash paid for taxes
Related party loans and interest payable converted into common stock
Receivable from shareholders in connection with amendment of forward purchase contracts
Property and equipment included in accounts payable and accrued expenses
Conversion of liability classified warrants to equity pursuant to sequencing policy
Right-of-use assets obtained in exchange for new operating lease liability
Exercise of tranche right derivative
Initial issuance of subscription receivable
Capitalized software costs included in Accounts payable and accrued expenses
Issuance of subscription receivable
Unpaid transaction costs included in accounts payable and accrued expenses
Assumption of derivative warrant liabilities
Conversion of warrant derivative liabilities to equity
Conversion of convertible promissory notes to equity
Exercise of warrants
Reclassification of accounts payable to related party promissory note
Cash and cash equivalents
Restricted cash

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