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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities    
Net Income (Loss) $ (51,058) $ (49,197)
Adjustments to reconcile net loss to net cash used in by operating activities:    
Share-based compensation expense 7,649 13,548
Depreciation and amortization 492 210
Amortization of premiums and accretion of discounts on short-term investments, net (2,054) (626)
Change in operating assets and liabilities:    
Prepaid expenses and other current assets 1,431 (985)
Other assets 566 567
Accounts payable (98) (361)
Accrued expenses 3,184 1,394
Lease liabilities, net (4) (7)
Net cash used in operating activities (39,892) (35,457)
Investing activities    
Purchases of property and equipment (138) (45)
Purchases of short-term investments (67,136) (70,620)
Proceeds from maturity of short-term investments 82,272 16,799
Net cash provided by (used in) investing activities 14,998 (53,866)
Financing activities    
Proceeds from debt, net of issuance costs 0 19,986
Issuance of common stock, net of issuance costs 299 2,331
Issuance of common stock upon option exercises and from employee stock plan 139 225
Net cash provided by financing activities 438 22,542
Net decrease in cash and cash equivalents (24,456) (66,781)
Cash and cash equivalents at beginning of period 36,773 103,554
Cash and cash equivalents at end of period 12,317 36,773
Supplemental disclosure of cash flow information    
Interest paid 3,070 454
Interest received 3,344 1,171
Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 381 $ 0