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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (27,927) $ (57,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 485 416
Stock-based compensation expense 4,992 13,328
Revaluation of contingent consideration 3,000 (2,300)
Changes in operating assets and liabilities:    
Accounts receivable (27) 53
Prepaid expenses and other assets 2,317 (1,605)
Accounts payable (1,609) 1,074
Accrued expenses (14,368) (244)
Net cash used in operating activities (33,137) (47,007)
Cash flows from investing activities:    
Purchases of property and equipment, net (121) (784)
Purchases of marketable securities (35,218) (118,513)
Proceeds from sales and maturities of marketable securities 51,498 125,433
Net cash provided by investing activities 16,159 6,136
Cash flows from financing activities:    
Proceeds from issuance of common stock under the at-the-market sales agreement, net of issuance costs   26,714
Payments of employee withholding taxes related to restricted stock unit award vesting (66)  
Proceeds from exercise of employee stock options and the issuance of stock   30
Net cash (used in) provided by financing activities (66) 26,744
Net decrease in cash and cash equivalents (17,044) (14,127)
Cash and cash equivalents at beginning of period 39,878 45,277
Cash and cash equivalents at end of period $ 22,834 31,150
Supplemental disclosure of non-cash investing and financing activities:    
Additions to property and equipment included in accounts payable   $ 394