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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:      
Net loss   $ (165,614) $ (9,827)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization   706 195
Amortization of right-of-use asset   230 110
Accretion of discounts on marketable securities   (890)  
Share-based compensation expense   5,386 2,257
Charge for purchase of in-process research and development assets $ 6,312 118,266  
Changes in operating assets and liabilities:      
Prepaid expenses and other assets   877 1,216
Accounts payable   2,364 1,276
Accrued expenses and other current liabilities   7,568 (33)
Deferred revenue   (3,393) 23,373
Operating lease liabilities   (67) (62)
Net cash (used in) provided by operating activities   (34,567) 18,505
Cash flows from investing activities:      
Purchases of in-process research and development assets   (41,723)  
Purchases of marketable securities   (112,688)  
Maturities of marketable securities   40,000  
Purchases of property and equipment   (4,508) (446)
Net cash used in investing activities   (118,919) (446)
Cash flows from financing activities:      
Proceeds from public offering   230,002  
Payment of offering costs   (14,624)  
Proceeds from exercise of stock options   1,030  
Proceeds from exercise of common stock warrants 300 3,731  
Proceeds from issuance of common stock under ATM, net     34
Net cash provided by financing activities   220,139 34
Net increase in cash and cash equivalents and restricted cash   66,653 18,093
Cash and cash equivalents and restricted cash at beginning of period   98,779 20,423
Cash and cash equivalents and restricted cash at end of period 165,432 165,432 38,516
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 165,332 165,332 38,416
Restricted cash 100 100 100
Total cash, cash equivalents, and restricted cash $ 165,432 165,432 38,516
Supplemental disclosures of non-cash investing and financing activities:      
Issuance of common stock in exchange for in-process research and development assets   74,033  
Net liabilities assumed from purchases of in-process research and development assets   2,041  
Purchase of in-process research and development assets in accounts payable   469  
Right-of-use assets obtained in exchange for operating lease liabilities   1,189  
Issuance of common stock to certain board of directors in lieu of accrued compensation     221
Offering costs in accounts payable and accrued expenses and other current liabilities   204 100
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities   $ 1,236 $ 271