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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (119,868) $ (27,692)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,484 1,469
Accretion of premium/discount on marketable securities (3,495) 0
Non-cash lease expense 250 254
Stock-based compensation expense 70,203 4,036
Change in fair value of stock warrants 0 652
Change in fair value of contingent consideration 2,915 1,633
Other non-cash reconciling items (3) (1)
Change in operating assets and liabilities:    
Prepaid expenses, other current assets and other assets 279 (177)
Accounts payable 3,094 1,338
Accrued compensation 273 (177)
Accrued clinical trial site costs (1,631) 15
Operating lease liabilities (152) (242)
Other liabilities 1,546 266
Net cash used in operating activities (45,105) (18,626)
Cash flows from investing activities    
Purchases of property and equipment (210) 0
Purchases of marketable securities (308,915) 0
Maturities of marketable securities 77,000 0
Net cash used in investing activities (232,125) 0
Cash flows from financing activities:    
Proceeds from the sale of common stock, net of issuance costs 148,955 0
Proceeds from the sale of common stock and common stock warrants, net of costs 0 17,074
Proceeds from exercise of common stock warrants and pre-funded common stock warrants, net of costs 5,690 19,445
Proceeds received prior to and for the issuance of common stock and pre-funded warrants 0 19,932
Proceeds from exercise of stock options 1,317 10
Net cash provided by financing activities 155,962 56,461
Net (decrease) increase in cash and cash equivalents (121,268) 37,835
Cash and cash equivalents, beginning of period 169,681 14,602
Cash and cash equivalents, end of period 48,413 52,437
Supplemental disclosure of non-cash operating and financing information    
Operating lease right-of-use assets obtained in exchange for operating lease obligations 597
Unpaid financing costs included in accounts payable and accrued liabilities $ 199