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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (43,252) $ (16,831)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 984 979
Accretion of premium/discount on marketable securities (1,586) 0
Non-cash lease expense 139 187
Stock-based compensation expense 13,605 1,835
Change in fair value of stock warrants 0 (1)
Change in fair value of contingent consideration 2,038 612
Other non-cash reconciling items (2) 0
Change in operating assets and liabilities:    
Prepaid expenses, other current assets and other assets 380 (290)
Accounts payable 567 1,679
Accrued compensation (986) (510)
Accrued clinical trial site costs (1,530) 244
Operating lease liabilities (107) (227)
Other liabilities (429) 29
Net cash used in operating activities (30,179) (12,294)
Cash flows from investing activities:    
Purchases of property and equipment (19) 0
Purchases of marketable securities (261,146) 0
Maturities of marketable securities 25,000 0
Net cash used in investing activities (236,165) 0
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of issuance costs 148,955 7,099
Proceeds received prior to and for the issuance of common stock 637 0
Proceeds from the sale of common stock and common stock warrants, net of costs 0 9,961
Proceeds from exercise of common stock and pre-funded stock warrants 3,543 0
Proceeds from exercise of stock options 552 0
Net cash provided by financing activities 153,687 17,060
Net (decrease) increase in cash and cash equivalents (112,657) 4,766
Cash and cash equivalents, beginning of period 169,681 14,602
Cash and cash equivalents, end of period 57,024 19,368
Supplemental disclosure of non-cash financing information    
Operating lease right-of-use assets obtained in exchange for operating lease obligations 597
Unpaid financing costs included in accounts payable $ 14