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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net loss $ (16,921) $ (12,263)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,045 293
Depreciation and amortization of property and equipment 814 812
Asset impairment 91 0
Non-cash operating lease expense 176 160
Amortization of finance lease right-of-use assets 11 6
Amortization and accretion of premiums/discounts on held-to-maturity investments (446) 0
Intellectual property contingent value rights liability 329 0
Changes in assets and liabilities:    
Prepaid expenses and other current assets (1,417) (780)
Other assets 21 0
Accounts payable 135 825
Accrued expenses and other current liabilities (4,879) (2,444)
Operating lease liabilities (609) (164)
Net cash used in operating activities (21,650) (13,555)
Investing activities    
Purchases of property and equipment (65) (29)
Proceeds from maturities of held-to-maturity investments 30,000 0
Net cash provided by (used in) investing activities 29,935 (29)
Financing activities    
Offering costs in connection with pre-closing financing (4,287) 0
Transaction costs related to reverse merger (2,855) 0
Proceeds from the issuance of common stock upon exercise of options 629 112
Principal payments on finance leases (11) (5)
Net cash (used in) provided by financing activities (6,524) 107
Net increase (decrease) in cash, cash equivalents and restricted cash 1,761 (13,477)
Cash, cash equivalents and restricted cash at beginning of period 148,718 82,021
Cash, cash equivalents and restricted cash at end of period 150,479 68,544
Supplemental disclosure of non-cash investing and financing activities:    
Additions to operating lease right of use assets from new operating lease liabilities 60 0
Property and equipment included in accounts payable and accrued expenses 141 0
Supplemental cash flow information:    
Cash paid for interest $ 3 $ 2