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Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (106,806) $ (36,896)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 457 422
Amortization of right-of-use asset 271 209
Accretion of discount related to marketable securities (512)  
Share-based compensation 6,223 5,332
Charge for purchase of in-process research and development assets 80,802  
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,144) 5,071
Accounts payable (608) (677)
Accrued expenses and other current liabilities 614 (1,922)
Deferred revenue 15,982  
Other long-term liabilities 153 (229)
Net cash used in operating activities (7,568) (28,690)
Cash flows from investing activities:    
Purchases of marketable securities (38,929)  
Cash acquired in connection with MorphImmune merger, net of transaction costs 9,276  
Purchases of property and equipment (831) (248)
Net cash used in investing activities (30,484) (248)
Cash flows from financing activities:    
Payment of offering costs (8,997)  
Proceeds from PIPE transaction 125,000  
Proceeds from exercise of stock options 371 32
Proceeds from issuance of common stock under ATM, net 34  
Net cash provided by financing activities 116,408 32
Net increase (decrease) in cash and cash equivalents and restricted cash 78,356 (28,906)
Cash and cash equivalents and restricted cash at beginning of year 20,423 49,329
Cash and cash equivalents and restricted cash at end of year $ 98,779 20,423
Supplemental disclosures of non-cash investing and financing activities:    
Operating lease right-of-use asset and lease liability recorded upon adoption of ASC 842   $ 492
Issuance of common stock and stock-based equity awards for the MorphImmune merger 87,161  
Remeasurement of operating right-of-use asset and lease liability due to lease extension $ 226  
Right-of-use asset and lease liability recognized for new operating lease liabilities 1,325  
Issuance of common stock to certain board of directors in lieu of accrued compensation 221  
Property and equipment included in accounts payable $ 372