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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:          
Net loss     $ (70,583) $ (31,873)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock-based compensation     3,286 2,964  
Depreciation expense     281 261  
Impairment of property and equipment $ 1,883 $ 1,592 1,883 1,592 $ 1,600
Write-off of deferred financing costs     140    
Impairment of right-of-use assets 22,836   22,836    
Net amortization of premium on short-term investments     (1,608) (1,352)  
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets     131 1,135  
Operating lease right-of-use assets     227 803  
Other assets     1,111 (2,527)  
Accounts payable     1,818 3,189  
Accrued expenses and other current liabilities     (2,502) (2,928)  
Restructuring Liability     3,127    
Operating lease liabilities     (1,453) (528)  
Deferred revenue     (1,130) (868)  
Net cash used in operating activities     (42,436) (30,132)  
Cash flows from investing activities:          
Purchases of property and equipment     (2,345) (116)  
Purchases of short-term investments     (35,141) (29,930)  
Maturity of short-term investments     81,519 34,800  
Net cash provided by investing activities     44,033 4,754  
Cash flows from financing activities:          
Proceeds from sale of common stock, purchase warrants and pre-funded warrants, net of issuance costs     8,819 50,000  
Payment of deferred offering costs     (267) (2,912)  
Proceeds from exercise of stock options     3 101  
Net cash provided by financing activities     8,555 47,189  
Net increase in cash, cash equivalents and restricted cash     10,152 21,811  
Cash, cash equivalents and restricted cash, beginning of period     23,745 33,942 33,942
Cash, cash equivalents and restricted cash, end of period $ 33,897 $ 55,753 33,897 55,753 $ 23,745
Supplemental disclosure of non-cash financing and investing activities:          
Property and equipment purchases included in accounts payable     64 54  
Other assets included in accounts payable and other current liabilities       505  
Right of Use Asset in Exchange for Lease Liability     13,667    
Prepaid expenses for right-of-use asset included in operating lease liabilities     440    
Deferred offering costs included in accounts payable and accrued expenses     $ 23 $ 420